Reckitt names Kris Licht as CEO, beats sales estimates

Reckitt Benckiser on Wednesday named company insider Kris Licht as its CEO designate to succeed Nicandro Durante and said he will take up the role by the end of the year following a transition period.

Licht, who has served as president of Reckitt’s health business and chief customer officer since July 2020, will be appointed to the company’s board as an executive director effective June 1.

Durante, a former BAT chief executive, will stay with Reckitt until December “to ensure a smooth transition.”

The company also reported better than expected quarterly like-for-like sales as the maker of Durex condoms and Lysol cleaning products hiked prices to make up for cost inflation and declining volumes.

Reckitt said it now expects like-for net revenue growth of 3-5 per cent for the year.

Licht earlier served as Reckitt’s chief transformation officer, working with the chief executive and the board to develop the new strategy to deliver sustainable growth, which was launched in 2020. He joined Reckitt from PepsiCo in 2019, where he held a variety of senior operational and strategic leadership positions over a five-year span.

Prior to PepsiCo, Licht was a Partner at McKinsey & Co with a focus on the consumer, health and retail practices. A Danish national and long-time US resident, he will be relocating to the UK with his wife Dawn and their three children.

“It is an honour to have been appointed as the next CEO of Reckitt,” Licht said.

“Over the past four years I have been privileged to be a part of the transformation journey and have seen the extraordinary ownership, entrepreneurial spirit and drive for performance that our people demonstrate every day.

“As our recent performance shows, it is clear we are delivering, and after significant investment we are well positioned to generate consistent, strong shareholder returns. While there is more work to be done to realise our full potential, I see strong momentum and believe it is truly an exciting time for Reckitt.”