2 September 2019
RECKITT BENCKISER GROUP PLC
Reckitt Benckiser Group plc ("RB") today announces that Rakesh Kapoor has retired from the Board with immediate effect. This follows the previously announced appointment of Laxman Narasimhan as CEO with effect from 1 September 2019.
As also previously announced, Mr Kapoor will retire from the Company at the end of the year, until which time he will be available to support Mr Narasimhan with the transition.
As required by section 430 (2B) of the Companies Act 2006, it is confirmed Mr Kapoor has not and will not receive any payment for loss of office as a Board Director.
His remuneration arrangements on leaving are as set out in RB's 2018 Annual Report, and are reconfirmed as follows:
· Until the end of his employment with RB on 31 December 2019, Mr Kapoor will receive his salary, benefits and pension in accordance with the Company's Remuneration Policy and the terms of his service agreement.
· Mr Kapoor is eligible for an annual bonus payment in respect of the 2019 financial year, which will be subject to RB performance over 2019 and payable at the time bonuses are paid to other RB employees. There will be no deferral applied.
· The 2017-2019 and 2018-2020 LTIP awards will remain subject to performance against the original performance conditions over the respective three-year performance periods. Both of these awards will then be subject to a two-year holding period following the end of the respective performance periods.
· The 2018-2020 LTIP award will be reduced pro-rata to reflect the proportion of the performance period that Mr Kapoor is employed for. There is no time pro-rating applicable to the 2017-2019 LTIP award as he will be employed for the whole performance period.
· No 2019-2021 LTIP award was made to Mr Kapoor.
· Mr Kapoor will retain an interest in 216,666 shares and 433,333 share options which may vest subject to performance and then will be subject to a holding period for at least two years after departure.
For further Information:
Tel +44 (0) 1753 217 800
SVP, Investor Relations
Tel. +44 (0)1753 217 800
RB* is a leading global health, hygiene and home company inspired by a vision of the world where people are healthier and live better. Its purpose is to make a difference by giving people innovative solutions for healthier lives and happier homes.
Through its two business units, Health and Hygiene Home, RB has operations in over 60 countries and its products reach millions of people globally every day. Its trusted household brands include names such as Enfamil, Nutramigen, Nurofen, Strepsils, Gaviscon, Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic, Cillit Bang, Mortein, Finish, Vanish, Calgon, Woolite and Air Wick.
RB's drive to achieve, passion to outperform and commitment to quality and scientific excellence is manifested in the work of over 40,000 diverse, talented entrepreneurs worldwide.
For more information visit www.rb.com
*RB is the trading name of the Reckitt Benckiser group of companies
Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108
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