- Reckitt’s current president, Chris Sinclair, has held the position for five years.
- Darroch will take over as chairman after Reckitt’s next annual general meeting
- Reckitt said Sir Jeremy “has a proven track record of being a successful chief executive”
Former Sky boss Sir Jeremy Darroch will become chairman of Dettol maker Reckitt Benckiser next year.
Darroch will become chairman of the consumer goods giant, which owns Durex and Cillit Bang, following its annual general meeting in May, with Chris Sinclair retiring after five years in the role.
Sir Jeremy Darroch has been named the next chairman of Reckitt Benckiser
He was appointed non-executive director of the consumer goods giant 12 months ago after spending almost two decades in senior roles at Sky, first as finance chief before being promoted to chief executive in 2007.
During his 14 years as CEO, the media conglomerate expanded significantly, purchasing its sister companies in Italy and Germany, launching the Now TV streaming service, and diversifying into original drama productions.
The company’s market capitalization had almost tripled when Comcast bought it for £30.6bn in 2018, having fended off a second outright takeover attempt by Rupert Murdoch’s News International.
Darroch made £38.3m from the sale, bringing his total compensation since taking over to £115m.
Reckitt said Darroch was “an outstanding leader, with considerable experience in the consumer retail environment built up over a successful career at some of the UK’s most prominent companies”.
He added: “He has a proven track record of being a successful CEO and driving business performance and a unique insight into what motivates consumers.”
Reckitt’s current president, Sinclair, has held the role for five years, having previously been president and CEO of Mattel, the toy maker behind Barbie, and beverage giant Pepsi-Cola.
Since joining Reckitt, the group’s annual revenue has risen by around £3bn, largely as the Covid-19 pandemic boosted demand for cleaning brands such as Lysol and Dettol.
Although sales of disinfectants have slowed following the end of lockdown-related restrictions, orders for over-the-counter medications, such as Strepsils and Lemsip, have recovered significantly.
The trade also benefited from a shortage of infant formula in the United States last year, when Reckitt was allowed to ship its formula products from manufacturing plants in Mexico and Singapore.
Sinclair said: ‘Reckitt is a strong, well-invested company that is fully focused on improving returns for shareholders.
“It also has a unique culture which has made my time with the Reckitt team extremely satisfying, and I am delighted to be passing the baton to Sir Jeremy Darroch.”
Reckitt’s appointment of a new president follows the promotion of former chief customer officer Kris Licht in October to CEO, replacing interim chief Nicandro Durante.
Last month, the company also announced a £1 billion share buyback program along with results showing like-for-like turnover rose 3.4 percent in the third quarter thanks to price increases that offset losses. inflationary pressures.
Reckitt Benckiser Stock They were down 0.3 per cent, or 16p, to £55.12 early on Wednesday afternoon.