Reckitt Benckiser’s newly rudderless C-suite creates an opening for a potential bidder, says aimeedonnellan
Durex, a brand of Reckitt Benckiser Group PLC, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. REUTERS/Andrew Kelly/File Photonewly rudderless C-suite creates an opening for a potential bidder. On Thursday Chief Executive Laxman Narasimhan announced he was leaving the $55 billion Durex condom maker for personal reasons, after only three years. The half-complete nature of his turnaround offers a window for any interested suitors to strike.
Reckitt’s financials were once in need of a heavy dose of Dettol. In 2017, Narasimhan’s predecessor loaded the company with debt following an overambitious $17 billion takeover of U.S. baby food maker Mead Johnson. Investors then endured 13 consecutive quarters of missed targets and were preparing for a breakup of the business before Narasimhan took the helm in 2019.
The abrupt nature of his exit, which sent Reckitt shares down 4% on Thursday, will leave investors wondering whether there’s more pain to come. Inflationary risks are an obvious danger for a company that depends on branded products. Consumers may begin to trade down from these if the cost of living bites hard. A sales boost from U.S. baby food sales won’t necessarily last.
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