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Nurofen and Durex maker slashes chief's pay by 40% – to £14m Nurofen and Durex maker slashes chief's pay by 40% – to £14m
(35 minutes later)
British consumer goods maker Reckitt Benckiser Group cut chief executive Rakesh Kapoor’s 2016 pay by 39%, as it seeks to shore up investor confidence following a safety scandal in South Korea that hurt its performance. British consumer goods maker Reckitt Benckiser Group has cut the 2016 pay of its chief executive, Rakesh Kapoor, by 39%, as it seeks to shore up investor confidence following a safety scandal in South Korea that hurt its performance.
The maker of painkiller Nurofen, Dettol cleaning products, Durex condoms and Scholl footcare products said Kapoor, Britain’s third highest-paid chief executive in 2015, would not receive an annual bonus for 2016, and that the share awards for his long-term incentive plan would be reduced by half. The maker of painkiller Nurofen, Dettol cleaning products, Durex condoms and Scholl footcare products said Kapoor, Britain’s third highest paid chief executive in 2015, would not receive an annual bonus for 2016, and that the share awards for his long-term incentive plan would be reduced by half.
As a result, Kapoor will be paid £14m for 2016, down from £23m in 2015.As a result, Kapoor will be paid £14m for 2016, down from £23m in 2015.
The company also said it would strip out the impact of earnings growth from the impending takeover of Mead Johnson from calculations for Kapoor’s incentive plan for 2017.The company also said it would strip out the impact of earnings growth from the impending takeover of Mead Johnson from calculations for Kapoor’s incentive plan for 2017.
Reckitt Benckiser has been grappling with the fallout from a scandal related to a product safety issue that caused dozens of deadly lung injuries in South Korea.Reckitt Benckiser has been grappling with the fallout from a scandal related to a product safety issue that caused dozens of deadly lung injuries in South Korea.
The South Korean government said in 2015 that 92 people were believed to have died from causes related to humidifier steriliser products sold by several companies including Reckitt. The South Korean government said in 2015 that 92 people were believed to have died from injuries related to humidifier steriliser products sold by several companies including Reckitt.
In January, the former head of Reckitt’s business there was sentenced to seven years in prison.In January, the former head of Reckitt’s business there was sentenced to seven years in prison.