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