Source: Reckitt Benckiser

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Reckitt Benckiser has announced Kris Licht will take over from Nicandro Durante as CEO on 1 October.

The group announced Licht as CEO designate in April and he has been working alongside current CEO Durante and transitioning to the CEO role since 1 May.

It said at the time he would assume the CEO role “at the end of the year”.

This morning the group announced he will officially become CEO on 1 October, with Durante staying with Reckitt until 31 December 2023 to ensure a smooth transition, at which time he will step down from the board.

Licht had served as president of Reckitt’s health business and as chief customer officer since July 2020. Prior to this, he served as Reckitt’s chief transformation officer from November 2019 to July 2020.

He joined Reckitt from PepsiCo, where he held a variety of senior operational and strategic leadership positions. Prior to PepsiCo, he was a Partner at McKinsey & Co with a focus on the consumer, health and retail practices.

As CEO Licht will received a salary of £1.1m a year, with a pension allowance of 10% of salary and an annual bonus plan with a target of 120% of salary as well as long term share incentives.

Morning update

Seed Innovations, the AIM-quoted investors in early-stage health, wellness and medical cannabis companies, has strengthened its board with the appointment of Alfredo Pascual as executive director, effective 1 September 2023.

Pascual has held the position of vice president of investment analysis at Seed Innovations since April 2021.

In his role to date, he has leveraged his connections in the European cannabis industry sourcing new investments and supporting existing portfolio companies in the space. Latterly he has applied his analytical skills across all sectors of interest to the company, while also taking an increasingly pivotal role in the general direction and management of the fund.

Ed McDermott, CEO, commented: “I am thrilled to extend a warm welcome to Alfredo to our Board. Beyond his cannabis industry expertise, Alfredo’s analysis has proven extremely valuable in the implementation of our investment strategy.

“Alfredo is currently a Level III candidate in the CFA Program, adding an extra layer of value to the board and shareholders alike as we remain committed to our investment policy of disruptive growth opportunities.”

On the markets this morning, the FTSE 100 is up 0.5% to 7,478.4pts.

Risers include WH Smith, up 2.3% to 1,500p, Glanbia, up 1.7% to €15.40 and AG Barr, up 1.3% to 494p.

Fallers so far this morning include FeverTree, up 3.8% to 1,263p, Kerry Group, down 2% to €86.32 and McBride, down 1.2% to 38.1p.

Yesterday in the City

Pernod Ricard shares slumped 6.7% back to €181.20 despite posting ‘double-digit sales growth and expanded margin, but its shares were hit by warnings of slowdowns in key markets of China and the US.

The overall FTSE 100 fell back for the first time in seven trading days, losing 0.5% to 7,439.1pts.

Diageo fell alongside Pernod, losing 2.3% to 3,243.5p.

Other fallers included PZ Cussons, down 3.1% to 148.5p, Hilton Food Group, down 2.6% to 674p, Tate & Lyle, down 1.5% to 706.5p, Compass Group, down 1.4% to 1,993p and Coca-Cola HBC, down 1.3% to 2,278p.

The day’s risers included Ocado, up 9.9% to 871.6p, Hotel Chocolat, up 5.4% to 107p, Naked Wines, up 5.3% to 69.5p, Just Eat, up 4% to 1,108p, THG, up 3.2% to 98.5p, Kerry Group, up 2.4% to €88.05 and Greencore, up 1.4% to 84.3p.