Reckitt Benckiser CEO Laxman Narasimhan to step down

The group said Laxman has decided for personal and family reasons to relocate back to the US and has been approached for an opportunity that enables him to live there.

On an interim basis, he will be replaced by senior independent director Nicandro Durante, as the board evaluates and selects the future leadership. Reckitt said the chairman and the Nomination Committee have begun the process to identify the best long-term candidate to take the group "on the next phase of its growth and transformation journey".

The company said Durante is a highly experienced CEO who led the transformation of BAT over a nine-year period. "He is deeply familiar with the strategy and direction of Reckitt, having been on the board for a number of years, including several years as the senior independent director," the firm said.

Chairman Chris Sinclair said: "On behalf of the entire board, I want to thank Laxman for leading the organisation through a significant transformation over the last three years. We wish him and his family all the very best as he fulfils his desire to return to the United States."

At 1205 BST, the shares were down 4.3% at 6,364p.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: "He’s been at the helm for three years and was considered to be a steady hand at the tiller, which is why his departure has disappointed investors.

"But shares are also likely to have been hit by wider concerns that loyal customers may begin trading down to cheaper brands faced with the intensifying cost-of-living crisis. Unilever has also dropped by 1%, as worries rise about whether the big brand pulling power of consumer giants will weaken."