It’s unfortunate for the maker of Harpic and Cillit Bang to leave an unsightly mess in full view of the public. Then again, perhaps Reckitt Benckiser is of the opinion that “it’s better out than in”.
Today’s Vanishing act by finance chief Liz Doherty threatened to leave some distinctly unpleasant residue. She goes after less than two years as head of the finance function, having previously racked up stints at a couple of other little-known players in the trade, Unilever and Tesco.
Usually the quotes thanking employees for their good work are as fun to read as the ingredients in a box of Calgon. But amid some other glowing words, Reckitt boss Rakesh Kapoor said “Liz and I have agreed that the company’s and her way of working are not as well matched as either of us would like”. As chief executives’ statements go, that’s tantamount to saying they had a punch-up in the car-park.
The news had some City analysts shifting uncomfortably in their seats as they digested the news. Clive Black of Shore Capital (and this parish) said the boardroom unrest was “disconcerting”. Black also - rather tartly - pointed out that he hadn’t considered her replacement, Adrian Hennah, to be overly secure in his current position, as CFO at Smith & Nephew.
Black even pined for the “halcyon days” of Bart Becht’s leadership. (Note to product development team: doesn’t Halcyon Daze sound like a good name for an air freshener?)
On the other hand, Investec’s Martyn Deboo was well pleased. He said Doherty had “struggled to win acceptance in the investor community and suffered from being appointed prior to Kapoor’s accession”. He expected Reckitt “to be more effectively and cohesively led” as a result - a view evidently shared by investors, who pushed up the company’s share price this morning.
Perhaps a minor public stink is better than something nasty festering away behind closed doors.
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