Reckitt names S&N man as the new CFO

Reckitt, the company behind Durex condoms and cleaning product Dettol, said yesterday that Ms Doherty was stepping down. Rakesh Kapoor, chief executive of Reckitt, said Ms Doherty’s way of working is “not as well matched” with the company as “either of them” would like.

Analysts at Investec said the news was “a positive”. “Doherty has struggled to win the confidence of the investment community in our view, so a change should be positive,” said Martin Deboo.

He said Mr Hennah is seen as “an effective, analytically-driven CFO who is capable of providing an effective foil to a dynamic CEO”.

Reckitt, which has research and development and healthcare manufacturing operations in Hull, where it employs 1,000 people, said that Ms Doherty will stay with the business until March 2013 and Mr Hennah, currently chief financial officer at medical devices company Smith & Nephew, will join at the end of December 2012.

Smith & Nephew, which has a market capitalisation of approximately $10bn, also has strong links with the region. It was founded in Hull and still has its advanced wound management division headquartered in the city. The division, which makes wound dressings, employs around 800 staff in Hull.

Mr Hennah, however, is currently based at Smith & Nephew’s global headquarters in London, and it is understood he will be based at Reckitt’s Slough headquarters in his new role.

Mr Kapoor said in a statement yesterday: “I am pleased to welcome Adrian Hennah as CFO. His global experience, especially in the health care industry, will be very valuable as we execute our strategy of extending our health and hygiene Powerbrands internationally, with a particular focus on emerging markets.

“I want to thank Liz for her excellent support over the past two years. She has strengthened our finance function around the world, and has been instrumental in helping to ensure a smooth CEO transition for the business. However, Liz and I have agreed that RB’s and her way of working are not as well matched as either of us would like, and now is the right time for her to move to a new opportunity.”

Smith & Nephew said the search for a successor to Mr Hennah is underway, and a further announcement will be made in due course. Olivier Bohuon, chief executive, said: “I would like to thank Adrian for his outstanding commitment and dedication to Smith & Nephew over the last six years, and, more personally, for the support he has offered me since I joined.

“Adrian has made a significant contribution to the company’s performance and strategy, and I know that my colleagues will join me in wishing him every success in his new role.”

Mr Hennah said: “I’ve hugely enjoyed the last six years at Smith & Nephew and am very proud to have been part of such an outstanding organisation.

“The company is performing strongly with a reinvigorated strategic direction and a strong balance sheet. I now feel that this is an appropriate time for me to take the next step in my career. I wish Olivier and everyone else at Smith & Nephew all the best for the future.”

In July, Reckitt Benckiser revealed under-pressure revenues in Europe and North America as fewer cases of the common cold and flu hit sales of its Nurofen pain-relief range.

The company saw revenues in the transatlantic region drop one per cent to £2.3bn in the six months to June 30. Reckitt reported a one per cent increase in group revenues to £4.7bn and a two per cent rise in underlying operating profits to £1.1bn due to a strong performance in emerging markets.

The group hailed the strong growth in its Latin America and Asia-Pacific (Lapac) region and Russia, the Middle East and Africa (Lumea).