Rentokil boss to retire as investor pressure grows over North America woes
The chief executive of Rentokil Initial will retire before the company's annual general meeting in 2026, the pest control giant said on Wednesday.
Andy Ransom retires after a 12-year tenure in the top job, in which he has overseen a transformative $6.7billion acquisition and confronted challenges in the pest giant's largest market, North America.
The process to find Ransom's successor has already begun under the leadership of the company's chair, Richard Solomons.
Ransom served on the FTSE 100 group's board for 17 years.
The group said Ransom will be treated as a 'good leaver by reason of his retirement for the purposes of annual bonus and awards under the Deferred Bonus Plan and Performance Share Plan'.
Ransom said: 'It has been a great privilege to lead the growth of Rentokil Initial as Chief Executive over the last 12 years and to establish it as a global leader in Pest Control.'
Rentokil shares fell 1.47 per cent or 3.30p to 356.20p on Wednesday, having fallen around 15 per cent in the last year.
Ransom added that he is focused on executing growth plans in North America and expanding in target markets around the world, 'so as to leave the company in the best possible shape for the future'.
He succeeded Alan Brown as CEO in 2013, after the latter stepped down following the failed turnaround of a loss-making acquisition, City Link.
The acquisition of US rival Terminix was transformative, but integrating the new business has proved a struggle.
Investor pressure on the firm has mounted amid weak demand in North America, which made up about 60 per cent of revenue last year.
Solomons said: 'Andy has created a global leader in Pest Control and the Board thanks him for his outstanding contribution.
'Rentokil Initial is well placed within an industry that has attractive and sustainable growth drivers.
'The Company has exceptional long term growth prospects but short term our priority is on turning around the underperforming North American business.
'Andy is very focused on this task and will ensure a smooth handover when a new Chief Executive is appointed.'
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