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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Associated British Foods    ABF   GB0006731235

ASSOCIATED BRITISH FOODS

(ABF)
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Reckitt hires Ahold's Carr to take over as CFO in 2020

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10/21/2019 | 10:22am EST
Products produced by Reckitt Benckiser; Vanish, Finish, Dettol and Harpic are seen in London

(Reuters) - Reckitt Benckiser named Ahold Delhaize finance chief Jeff Carr as successor to Adrian Hennah, who is retiring as CFO of the British consumer goods company next year.

The maker of Durex condoms and Lysol disinfectant said on Monday that Carr, who has been finance chief at Dutch-American supermarket operator Ahold since 2011, would bring "extensive experience across consumer and retail companies".

The appointment of Carr, who worked for Reckitt between 1994 and 2004, is its second big management change this year after replacing long-time chief executive Rakesh Kapoor with PepsiCo executive Laxman Narasimhan as CEO.

"Carr is known in the Food Retail industry as a CFO who has historically set conservative financial guidance, and successfully managed to meet or beat it," Bernstein analyst Andrew Wood wrote in a note.

"His reputation and conservative approach should help rebuild investor trust in the company," Wood added.

Shares in Slough-based Reckitt have slumped 16% over the past three years, during which it faced a safety scandal in South Korea, a failed product launch and a cyber attack.

This resulted in Kapoor's exit in September at a time when Reckitt is also battling broader industry challenges.

Reckitt CEO Narasimhan said Carr, 58, had a record of building strong teams and capital allocation discipline.

Carr, who began his career at Anglo-Dutch firm Unilever and has held senior roles at companies including AB Foods and easyJet, will take over in April from Hennah, who will stay on until October 2020.

Carr would take over in April from Hennah, who will stay on until October 2020, completing seven years as CFO.

Reckitt said Carr be paid £680,000 and have a pension allowance of 10% of his salary, as well as other benefits.

Reckitt is due to report third quarter results on Tuesday.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Rashmi Aich, Shinjini Ganguli and Alexander Smith)

By Siddharth Cavale

Stocks mentioned in the article
ChangeLast1st jan.
AHOLD DELHAIZE N.V. 0.27% 24.085 Delayed Quote.8.81%
ASSOCIATED BRITISH FOODS 0.90% 2458 Delayed Quote.19.24%
EASYJET 0.26% 1348 Delayed Quote.21.67%
PEPSICO -0.51% 133.6 Delayed Quote.21.80%
RECKITT BENCKISER GROUP PLC -0.46% 5896 Delayed Quote.-1.50%
UNILEVER PLC -0.68% 4526.5 Delayed Quote.10.93%
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Financials (GBP)
Sales 2020 16 486 M
EBIT 2020 1 568 M
Net income 2020 1 150 M
Finance 2020 1 453 M
Yield 2020 2,08%
P/E ratio 2020 16,8x
P/E ratio 2021 15,7x
EV / Sales2020 1,08x
EV / Sales2021 1,02x
Capitalization 19 217 M
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Technical analysis trends ASSOCIATED BRITISH FOODS
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 2 686,51  GBp
Last Close Price 2 436,00  GBp
Spread / Highest target 33,4%
Spread / Average Target 10,3%
Spread / Lowest Target -25,3%
EPS Revisions
Managers
NameTitle
George Garfield Weston Chief Executive Officer & Executive Director
Michael G. McLintock Chairman
John George Bason Executive Director & Finance Director
Emma Susan Adamo Non-Executive Director
Ruth L. Cairnie Senior Independent Non-Executive Director
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