Reckitt Benckiser share price dips as four execs leave company

Departures come as consumer goods group looks to recover from weak performance

Reckitt Benckiser share price dips as four execs leave company

Shares in Reckitt Benckiser (LON:RB) have lost more than one percent in London in today’s session, amid reports that four senior executives are leaving the company. The departures come as the consumer goods maker fights to boost its performance, recently hit by a revenue warning.

As of 14:40 BST, Reckitt Benckiser’s share price had given up 1.01 percent to 7,300.67p, underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.33 percent lower at 7,414.05 points. The group’s shares have lost nearly three percent of their value over the past year, but are up by about six percent in the year-to-date.

Reuters reported today that Reckitt Benckiser had confirmed the voluntary departures of the heads of its human resources, information technology, developing markets and category development divisions. Darrell Stein, senior vice president of information services, will leave on October 1, to be immediately replaced by Seth Cohen, who will join the company from PepsiCo. Deborah Yates, senior vice president of human resources, and Roberto Funari, executive vice president of category development, will leave at the end of the year to pursue other opportunities. Frederic Larmuseau, head of developing markets, will also step down at the end of the year to take the helm of Jacobs Douwe Egberts.

“RB is transforming itself to become the undisputed leader in global consumer health and hygiene and has taken a number of important steps on this strategic journey over the last six months,” the company said, as quoted by the newswire, adding that the “journey is driving a change in our portfolio priorities and, over time, how we operate”.

The news comes after Reckitt Benckiser warned of lower revenue last month, noting that a recent cyber-attack had disrupted “the company’s ability to manufacture and distribute products to customers in multiple markets across the RB group”. The voluntary departures also come as the consumer goods giant integrates Mead Johnson, its biggest takeover ever.

As of 15:18 BST, Monday, 04 September, Reckitt Benckiser Group Plc share price is 7,304.00.

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