China Food

Just now, the CEO of Li Jieshi suddenly announced his resignation! During his tenure, he led the divestiture of Mead Johnson’s China business


Today, the FMCG giant Li Jie, which owns Mead Johnson, Durex, and dew, announced a change of command.


According to the latest release, Laxman Narasimhan, CEO of lijiashi, will step down as CEO on September 30, 2022 because he and his family decided to move back to the United States. According to the data, Laxman Narasimhan took the helm of Lijie for three years, and completed major asset restructuring events such as the sale of Mead Johnson China business to Chunhua capital at a price of US $2.2 billion.

Laxman Narasimhan (information picture)

Li Jieshi said that in the process of the board’s assessment and selection of the future leadership, its senior independent director, nicandro Durante, will take over the post of CEO. At present, Li Jieshi has started to look for the best long-term CEO to lead the company into the next stage of growth and transformation.


New leader


“I am very proud of the achievements we have made together in the past three years.” Laxman said in today’s release, “I was given the opportunity to return to the United States. Although it was difficult to say goodbye, it was a right decision for me and my family.”  


Li Jieshi said that since taking office in September 2019, Laxman has successfully reinvigorated the company’s strategy, execution and basic capabilities. “On behalf of the entire board of directors, I would like to thank Laxman for leading the company to complete major changes in the past three years.” Said Chris Sinclair, chairman of the board of directors of the company.


When talking about Durante, who took over temporarily, Li Jie described him as an “experienced CEO” who led the transformation of British American Tobacco (BAT) in nine years. “He is very familiar with the strategy and direction of Li Jie. He has served on the board of directors for many years, including several years as a senior independent director. Under his leadership, Li Jie will continue to promote the current success strategy.”.


Nicandro Durante

“Since I joined the board of directors, I have been working closely with nicandro. I am confident that he will provide the leadership needed in this important transformation stage, and we will find the right long-term leaders for the company.” Chris Sinclair said.

 

“I am honored to have the opportunity to lead Li Jie, a company that has been in the company for many years.” Durante said that the transformation agenda jointly undertaken by Laxman and Group executives is exciting and has achieved results, and we look forward to continuing this momentum.

 

Li Jieshi said that from now on, Durante will no longer serve as a senior independent director and will withdraw from the nomination, remuneration and crsec Committee of the board of directors. Andrew bonfield will be appointed as a senior independent non-executive director until Jeremy Darroch joins the board on November 1 this year.


“Lijiashi is an enterprise with good investment and toughness, with clear strategy and objectives, strong and constantly developing culture, excellent brand portfolio and full of vitality


At that time, Laxman described in the briefing that this transaction marked another solid step in the implementation of the strategy of revitalizing sustainable growth and creating long-term value.



In his opinion, after the completion of the transaction, the nutrition business of lijiashi “will usher in better and more sustainable growth and profit performance”, and the company will continue to maintain its “market leading position” in North America, Latin America and Southeast Asia.

The above transaction was officially completed on September 9, 2021. After the completion of the transaction, Laxman pointed out again that this means that the company has taken a major step in the strategy of restoring sustainable growth. He also described the nutrition business of lijiashi as “stronger and more concentrated in attractive markets such as North America, Latin America and ASEAN”.

“We continue to focus on implementing our strategy, investing in growth, and achieving our medium-term goals.” Laxman said at that time.

It is worth noting that after the divestiture of Mead Johnson Greater China, Li Jieshi was also accused of wanting to sell all the business of Mead Johnson, but the process was not smooth.


In the first half of this year, Bloomberg quoted news that Li Jieshi had started the sales process of the whole milk powder business, and it was expected that the sales would bring in $7 billion to $10 billion. However, due to the growth of infant nutrition and the decline of profitability, some analysts once thought that the valuation of US $10 billion was too high. Later, it was reported that only a few private equity funds followed up the bidding.

By the end of June this year, Li Jieshi was also accused of considering whether to shelve the sale of milk powder business, because it was faced with such problems as the impasse in negotiations, the continuation of the “milk powder shortage” in the United States, and valuation differences.



Follow the “snack generation” (wechat: foodinc) and reply to “lijiashi” to see the wonderful news.


Just now, the CEO of Li Jieshi suddenly announced his resignation! During his tenure, he led the divestiture of Mead Johnson’s China business


资料图片


而在宣布对大中华区婴儿配方奶粉业务战略评估仅4个月,利洁时于2021年6月6日宣布已达成最终协议,以22亿美元的企业价值将其在中国(包括中国大陆、台湾和香港地区)的婴儿配方和儿童营养品业务出售给春华资本,而利洁时仍保留有关业务8%的股权。 


在上述交易中被打包整体出售的还包括位于荷兰奈梅亨和中国广州的生产设施,以及包括在大中华区使用美赞臣以及蓝臻、铂睿、安儿宝品牌免版权的永久独占许可。而在交易完成后,利洁时可继续在全球保有美赞臣蓝臻、铂睿、安儿宝品牌,并在大中华区以外的其他国家或地区继续经营这些品牌。


当时Laxman在通报中形容,这项交易标志着利洁时在实施重振可持续增长和创造长期价值的战略上,又迈出了坚实的一步。


资料图片

在他看来,该交易完成后利洁时的营养品业务“将迎来更好更持续的增长和利润表现”,公司将继续在北美、拉美、东南亚保持“市场领导地位”。


上述交易在2021年9月9日正式完成交割。Laxman在交易完成后再次指出,这意味着该公司在恢复可持续增长的战略上迈出了重大的一步,还形容利洁时的营养品业务“更强大了,也更集中在北美、拉美和东盟等有吸引力的市场”。


“我们继续全神贯注于执行我们的战略,投资于增长,以及实现我们的中期目标。”Laxman当时称。


值得留意的是,在剥离美赞臣大中华区后,利洁时还被指想出售美赞臣全部业务,但过程并不顺利。


今年上半年,彭博引述消息指,利洁时已启动对全盘奶粉业务的出售流程,其预计出售会带来70亿至100亿美元的进账。但由于婴儿营养品的增长和盈利能力下降等,曾有分析师认为100亿美元估值过高。后来据报也只有少数私募股权基金跟进竞标。


到今年6月底,利洁时又被指正考虑是否搁置出售奶粉业务,因其面临谈判陷入僵局、美国“奶粉荒”持续、估值分歧等问题。


关注“小食代(微信号:foodinc)”,回复“利洁时看精彩消息。

Similar Posts

Leave a Reply

Your email address will not be published.