Starbucks has named the outgoing head of Reckitt Benckiser as its next chief executive, handing Laxman Narasimhan the task of executing a “reinvention” strategy designed by Howard Schultz since he returned in April to take charge of the coffee chain for the third time (The Financial Times £)

Laxman Narasimhan, who has led the consumer goods giant for just three years, stunned the City by announcing he was leaving the UK to take up a post in the US (The Daily Mail). The boss of the Dettol disinfectant maker Reckitt Benckiser has abruptly resigned in order to take a new job in the US, surprising investors after a relatively brief three-year stint at the top of the FTSE 100 company (The Guardian).

Mission unaccomplished for departing Reckitt boss, writes The Times. Laxman Narasimhan insists his turnaround of Reckitt is nearly done, but analysts aren’t sure. The departure has renewed the debate in the City over whether it is premature to declare Reckitt’s turnaround “mission accomplished” (The Times £).

There was criticism yesterday from anti-smoking lobbyists over the appointment of Nicandro Durante, a former chief executive of British American Tobacco, as interim chief executive at Reckitt. (The Times £)

The Times’ Alistair Osborne writes: “Not every company can match the “purpose” of Dettol-to-Durex outfit Reckitt: “To protect, heal and nurture in the relentless pursuit of a cleaner and healthier world.” So that’s why it’s putting the ex-boss of a fags group in temporary charge.” (The Times £)

Narasimhan’s departure came as a surprise to shareholders. Its share price fell more than 4% on the day. That is understandable. Reckitt had managed to have a decent pandemic, given its relative strength in popular disinfection products such as Dettol and especially Lysol in the US. Sales of these have held up reasonably well, even this year. (The Financial Times £)

The UK’s largest chicken producer 2 Sisters faces having to pay £1mn a week in extra costs for the carbon dioxide used to stun birds for slaughter, the company said on Thursday, after a supplier pushed up prices following news of a big UK plant halting production. (The Financial Times £)

Pernod Ricard has raised its dividend and promised a fresh share buyback after annual profit rose by almost one-fifth and sales exceeded €10bn for the first time (The Financial Times £). The boss of Pernod Ricard hailed a “symbolic milestone” yesterday as the giant drinks group passed annual sales of €10bn (The Times £).

Jack Daniel’s whiskey maker Brown-Forman’s sales jumped as consumers returned to bars, restaurants and airport duty-free stores after Covid restrictions eased. (The Daily Mail)

UK retailers are blocking moves to end the killing of millions of day-old male chicks each year, farmers and breeding companies have said. (The Guardian)

The soaring US dollar has pushed the pound to its biggest monthly fall since October 2016. (Sky News)

Some of the smallest businesses in England could see their annual water bills rise by up to 18% from next year under new proposals by the industry regulator. (The Daily Mail)

British households are on course for the deepest living standards squeeze in a century, with real household disposable incomes expected to fall by 10% this year and the next. (Sky News)

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