Reckitt Benckiser CEO Laxman Narasimhan will step down at the end of September and leave for a new position in the U.S., the company said in a statement.
Narasimhan will be replaced temporarily by senior independent director and former BAT boss Nicandro Durante while the board selects the future head of the Anglo-Dutch consumer goods company.
Narasimhan’s surprising announcement sent shares down over 4%.
“I have been offered an opportunity to return to the United States and although it is difficult to leave, it is the right decision for me and my family,” Narasimhan said in a statement.
After a brief three-year stint Narasimhan launched a turnaround plan after joining the England headquartered company in September 2019.
Narasimhan led the company that owns several top hygiene, health and nutrition brands through the pandemic, boosting sales of its products.
Chairman Chris Sinclair said Narasimhan’s departure was caused by his desire to live in the U.S. and thanked him for his work.
“We are also very fortunate to be able to appoint Nicandro Durante as our CEO. Having worked closely with Nicandro since I joined the Board, I have no doubt that he will provide the leadership needed for Reckitt,” Sinclair said.