Reckitt Benckiser chief Rakesh Kapoor to step down

The company has now initiated a formal process to appoint Kapoor's successor, it said in a statement. RB product portfolio includes Dettol, Durex and Lysol. However, Kapoor said he will remain on the driving seat until his successor is found.

Kapoor has "indicated his intention to retire as CEO by the end of 2019, after more than eight years as CEO and 32 years at the company", the company said.

It further said that "RB's board has now initiated a formal process to appoint his successor, considering both internal and external candidates."

On his decision, Kapoor said: "It has been a huge privilege to lead RB and I am very proud of the hard work and commitment of our people in delivering our success and many achievements."

He added that the year 2020 will herald a new decade and it is a good time for the new leadership to take the company through the next phase of "outperformance".

RB chairman Chris Sinclair said: "On behalf of the board, I want to express our appreciation for his vision, passion and leadership over his long and distinguished tenure. We are now commencing a formal and comprehensive process to appoint a successor, considering both internal and external candidates."

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