Sept 1 (Reuters) - Reckitt Benckiser (RKT.L) Chief Executive Laxman Narasimhan will step down at the end of September after three years in the role, the company said on Thursday, taking investors by surprise and sending its share price down sharply. Richard Joyce - Investor Relations. So is that a sort of maximum or is that a sort of best guess as the outcome at the moment? In addition, page 152 of the 2020 Annual Report sets out the CEO pay ratio. to let us know you're having trouble. And our allergy brand, Nutramigen, is the number one selling allergy brand in North America. We delivered broad-based revenue growth, strong earnings growth, and improved free cash flow, which has enabled us to further delever the balance sheet and increase our dividend. Explore our global sites with local content specific to each country. But to summarize, we had a very strong performance in '22, and we are transitioned from transformation to delivery. See the latest news and investor news from Reckitt. 6. In OTC, we know that overuse of antibiotics today is a leading concern. At our Capital Markets Day in September 2021, we made the bold assertion that Dettol has stabilized and that we expect it to sustainably grow the business and deliver at around 40% above pre-pandemic levels. So you alluded to a tough Q1, which I think we saw in the U.S. Nielsen panel. Why is that the right level? Now let me sum up why we are excited about the future of our Hygiene business. naar Nutrition business ex the benefit, it looks like the margin was about 18%. Hygiene net revenue was 6.0 billion for the year, and like-for-like net revenue was down 3.1%. Listen, I'll ask Pat to answer the first question. I will now hand over to Jeff to take you through our financials in more detail and our outlook for 2023. In line with the Remuneration Policy, bonus payments and LTIP awards will be pro-rated for time employed. So turning to Health. For net revenue, we target continued momentum with mid-single-digit like-for-like growth for the group, excluding the impact of the competitive supply issue in our Nutrition business in 2022, which, as I mentioned, was approximately 2.5% on 2022 like-for-like net revenue performance. The China business was just such a different animal and, frankly, in the last years, was a bit of a management distraction. I have long admired Reckitt's single-minded focus on categories with a strong runway for long-term growth. Yes, Hygiene. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. But I was pleased with our broad-based growth in 2022, with all our Health regions in growth for the year, including those without a large OTC business. So, a new CEO will inherit a company with the . And we will continue to strengthen the capabilities and the talent in our organization. Over the last three years, we added 16 million new households to our franchise globally. This is why we are excited about our future and confident about our Hygiene growth outlook. A win for sustainability. I am therefore pleased that 2022 was a year of delivery and momentum for Reckitt. But the profitability on that WIC was similar to non-WIC. Like in Germany, with our adult Nurofen proposition. Actually, we had a really big Q4 in '21 as well, as we talked about. And I like competition on making that category grow. 2022 was particularly tough for our supply chain team who had to cope with some very strong demands in both our OTC and Nutrition business. Cash conversion was 83%, a significant improvement from the prior year. Reckitt Benckiser's Chief Executive Rakesh Kapoor got a 69 percent pay rise last year, following an improvement in the company's performance after three tough years. Our growth is broad-based in all categories and all geographies, and we are earning industry-leading margins. And every time that you come up with innovation, you end up pricing up the innovation, the way of getting price in a good way because you are getting something else to consumers. The hikes contributed to like-for-like growth of 7.6%, which was offset by a 2.2% decline in volumes. CEO Laxman Narasimhan. It is these high gross margins, which fund investment to support our innovation pipeline, whilst delivering industry-leading operating margins in our segment. Is the business profitable over there? Wall St Week Ahead: Defensives may not be safe place to hide as stock market stumbles, Exclusive: Nvidia's plans for sales to Huawei imperiled if U.S. tightens Huawei curbs-draft, Reporting by Yadarisa Shabong and Chris Peters in Bengaluru However, we remain excited by the growth opportunity with Biofreeze. The shape seems to have been roughly the same, which is an unusually early and sharp spike in flu, which then sort of tapered off. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie And how long this journey might take? 24. So some of these opportunities are really in our plans and we are looking at that. It's very early in the year. A win for our consumers, they enjoy better results as Vanish gets the tough job done and hence keeps clothes looking like new for longer. We will continue to grow distribution for our brands, as we land our strengthened innovation pipeline. Reckitt Benckiser's sales volumes slide as demand for disinfectant wanes But before we proceed any further, I know you are keen to understand more about the progress on the appointment of a longer-term CEO. Okay. Jain, so far, had been in-charge of the India health business. And now we're running -- in most of the markets that we track that data pretty closely where we compete, we're running just above average levels. 86% Approve of CEO. Popular. I have been offered an opportunity to return to the UnitedStates and although it is difficult to leave, it is the right decision for me and my family.". Another building block was the improvement in our business in the area of sales execution. So you should see roughly a neutral working capital number by the end of 2023. Last year alone, more than 20%, driven by increased go-to-market coverage, strengthened brand building, and our new premium 10x line. And this has increased our market share of the non-WIC formula market from 38% at the beginning of '22 to almost 50% in December. Our carbon reduction program continues to achieve our 2030 target, achieving a 66% reduction in carbon emissions since 2015. But coming out from Q1, we expect to see growth in Lysol, growth in disinfectants as a whole. And in 2023, we expect to deliver efficiencies of over 500 million. A spokesperson for Reckitt Benckiser (RB) confirmed the top deck . Well, good morning, ladies and gentlemen, and it's a pleasure to see so many of you in person. Volume growth was strong, up 6.5% for the year, with the impact of price and mix of 8.2% for the year, of course, benefiting from favorable sales mix from OTC, which grew over 35% in the year. This year, we are launching our best-performing detergent in Europe with our patented cycle-sync technology. However, Lysol is much stronger now than pre-pandemic. Reckitt Benckiser Salary. So I think that we have all the right moves in order to be where we are. So we have a strong, category-focused innovation pipeline, and we have much more headroom to grow penetration like on laundry sanitizers. So all in all, that's something that really gives us more confidence in our future as we're accelerating our innovation pipeline. Less clothes go into landfill and consumers can get results at much lower temperatures. You used to have industry-leading margins in Nutrition. Brazilian-Italian Durante previously led tobacco giant British American Tobacco (BAT) for eight years until 2019. The UK-based global consumer-goods company focuses on products in health, hygiene, and nutrition categories, many of which saw massive demand spikes during the height of the pandemic. And as we've, of course, discussed during the course of this year, the negative volume has been largely a consequence of Lysol rebasing from the peak levels of 2021. Distributed by Public, unedited and . So first one on the OTC market. Importantly, POS remained well above pre-pandemic levels, and we exited quarter four with POS in the high 40s above 2021. The first is on the brand investments. Since then, we have introduced different tiers of premium-priced thermoformed tablets. Could you just say when you expect Lysol to actually in volume flat rather than total growth flat, please, if possible? And something that we have negotiated with customers, has been well received so far. Dettol grew net revenues two out of the four quarters of the year, including in Q4. How should we think about the margin rebuild in the core? The 66-year old will receive a salary of 1.1 million pounds ($1.3 million) as Reckitt CEO, the company said, adding that he is being appointed on a rolling contract with six months' notice on either side. Executive Summary. A lot of things are coming next year as well. Aydanos a proteger Glassdoor y demustranos que eres una persona real. 2,963 Reckitt reviews. Reckitt Benckiser is a global consumer goods company selling health, hygiene and . Let me go back to Item three in terms of reinvestments. We remain fully focused on the delivery of our strategy to protect the human nurture in the relentless pursuit of a cleaner, healthier world. All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in May 2022. I look forward to continuing the momentum. But what is important to me is our internal post survey, where we ask and receive a direct feedback from employees on working at Reckitt. Celine Pannuti from JPMorgan. Growth was driven by a very strong progress in Auto Dish, Fabric Additives and Lavatory Care. This had a significant impact on top line growth and on our adjusted operating profit margins. As this performance was not known at the date Reckitt finalised its 2020 Annual Report (15 March 2021), the value of the awards was estimated, as set out on page 146 of the report. And with pricing actions stronger in the second half of the year, this really positions us favorably as we look to 2023. But if you look at private label in our portfolio, they haven't made any loss. You can judge that at the end of the year, which obviously means, from a free cash flow perspective, it was roughly minus 400 million this year, and that gives us a benefit from a free cash flow perspective next year. Reckitt has always been best-in-class in terms of working capital. And as I said, when you look at the different subsegments of Lysol, we're pretty much growing across the board share except for one segment. The first one is for Jeff. However, the rest of our portfolio was only down mid-single digits in volumes. And with cost inflation running at 17% for the year, this is really a truly commendable performance. We gained or held share in most of our core categories. In January 2019, Reckitt Benckiser announced that Kapoor is set to retire by the end of 2019. And it's too early to call this a rebasing of the category, but it certainly looks to us to be stabilizing well above pre-pandemic levels. And I think that if we hadn't done that, I think that during the last three years, it would have been impossible to manage the business, mainly in terms of supply chain capabilities that we created and things like that. Reckitt Benckiser Chief Executive Laxman Narasimhan will step down at the end of September after three years in the role, the company said on Thursday, and will be replaced by insider and former BAT boss Nicandro Durante. So I expect a better trend going for '23. In China, we identified an opportunity to leverage Dettol's strong position in the laundry sanitizer segment with the laundry pod differentiated with Dettol's strong germ protection. We create simple, innovative products that make it easy for individuals, families and communities to live healthier and happier. I last loved the stock up just over four months ago and since then it has gone almost perfectly sideways. Lists ranking Reckitt Benckiser. It is a great pleasure to see many of you -- many of them that I know from my past. So this additional revenue stream to WIC will be zero from March onwards. Bart Becht, the chief executive of Cillit Bang-maker Reckitt Benckiser, was paid more than 90m last year in a remuneration deal that will see him clean up in the FTSE 100 executive pay league. Find out more about salaries and benefits at Reckitt. We may have innovation in different price points in order to be able to give something for consumers to stick to our brands, to stick to our portfolio. And based on your guidance, it looks like '23 will not substantially change this conclusion. We are united in our focus to further improve our execution muscle in '23 and to provide strong support around our exciting pipeline of innovations that we are going to roll out this year. That's one thing that I'd like to say. I think that we have said this several times in the presentation. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Narasimhan, 55, joined the company in September 2019 from PepsiCo (PEP.O) and was the first external candidate to take the helm at Reckitt since it was formed in 1999. What we've decided this year is to significantly 5% increase in the dividend. What are the group's prospects like for 2023 . Reckitt Benckiser Group plc (OTCPK:RBGPF) Q4 2022 Results Conference Call March 1, 2023 8:00 AM ET. Moving to air care. We mentioned before that we still think that quarter one for Lysol is going to have a strong comparator at the beginning of '23. So without any further ado, I'd like to introduce our CEO, Nicandro Durante, to kick things off. Saurabh currently holds two full-time jobs. They account for about 90% of our revenues and an even bigger part of AOP. We haven't been able to introduce prices last year because of the situation that we were there when the price has gone through already. So just maybe one clarification. The Chairman and the Nomination Committee have begun the process to identify the best long-term candidate to take Reckitt on the next phase of its growth and transformation journey. Reckitt Benckiser CEO Laxman Narasimhan. Having worked closely with Nicandro since I joined the Board, I have no doubt that he will provide the leadership needed for Reckitt at this important stage of transformation while we find the right long-term leader for the business.. los inconvenientes que esto te pueda causar. He will receive an initial LTIP grant of 75,000 shares and 150,000 options, for the three-year performance period 2022-2024, followed by a two-year holding period. It's early in the year. Is the guidance for the division effectively predicated on an average season for cold and flu in '23? Nutrition impact during the year. Now COVID has caused some volatility in our cash flows. It is a great Company with an incredible team and I am extremely proud of what we have accomplished together in these last three years. Please enable Cookies and reload the page. But underlying, we see opportunities to continue to improve the margins on that business. Having the trust of HCPs is critical as it is the HCPs who interact with parents and help them make the choice of the right formula for their babies. Global Competitiveness. Reckitt Benckiser average salary is $90,908, median salary is $88,417 with a salary range from $41,600 to $238,500. Als u dit bericht blijft zien, stuur dan een e-mail That's what we are successfully doing. So it's a little bit of a strong flu season, but we expect the brands to continue to grow with that kind of pipeline of innovations that we have. Si continas viendo este mensaje, You asked, Celine, the question on -- obviously, we still go down in quarter one. His salary for 2015 was 23.2 million. If costs come in below where you expect at the moment, will you invest more into BI? And in particular, for the outstanding job that you and the team did to help mothers across the U.S. gain access to high-quality, safe formula under such difficult circumstances. Brand equity investments were up 5.7% at actual rates and essentially flat at constant currency. This announcement is made by Catheryn ORourke, Company Secretary, for Reckitt Benckiser Group plc. Good morning, everyone. So moving on now to Nutrition. There are no buyout awards or sign on bonuses for Nicandro. We are being recognized externally as a top employer in many markets. Caso continue recebendo esta mensagem, Based on the final calculations of the CEO pay as set out above, the pay ratio compared to the median UK employee reduces from the 1:194 estimated in the report to 1:177. . We are now close to 90% regionally sourced. Be part of something bigger. Adjusted operating profit margin of 23.1% was up 710 basis points, and this reflects our turnaround and improvement in our earnings model in the developing markets, plus the positive leverage benefit from the U.S. Air Wick is the global leader in air care devices, and we are creating new segments here, too. So turning to our view on capital allocation. Harpic's largest market is India, where we have a 78% market share. Firstly, I was really intrigued to hear the revenue uplift that you got from combining your Health and Hygiene sales forces in India. But we'll keep an element of that. It put the resilience and grit of our teams to test, and they have risen to the challenges, as our people do. Any other questions in the room? And ownership remains very central to our culture with almost 50% of employees choosing to be shareholders in Reckitt. Our strong performance in 2022 and solid plans for 2023 would not be possible without being able to deliver for our customers and our consumers. If I think about the reinvestment that we have made for the past three years, we can clearly see you invested well in CapEx and the supply chain was strong. So to your question about competition intensifying, I think the whole thing of our strategy is all about category growth, okay? My first question on -- you're saying that you are coming out of the distortion of the past few years for the first time in '23. Our CEO, Grant F. Reid, signed the United Nations Women's Empowerment Principles furthering our commitment to advance gender equality in our