Reckitt Picks Ex-Sky CEO as New Chair: The London Rush

Breadcrumb Trail Links

1. PMN Business

Your morning roundup of key UK business news just in

Author of the article:

Bloomberg News

Gabriela Mello

Published Nov 15, 2023  •  3 minute read

ak37ih5t]8ov662u]lj34(pf_media_dl_1.png Source: company statements and B

Article content

(Bloomberg) — Hi, I’m Gabi from Bloomberg’s UK Breaking News team, bringing you the corporate updates making waves this morning. Reckitt Benckiser Group Plc is powering ahead with a management overhaul. Just months after appointing a new chief executive and finance chief, the consumer giant chose former Sky Plc CEO Jeremy Darroch as its new chairman. He’ll succeed Chris Sinclair, who’s stepping down in May after nine years on the board, six of them as chair.

Advertisement 2

This advertisement has not loaded yet, but your article continues below.

THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY

Subscribe now to read the latest news in your city and across Canada.

• Exclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman, Victoria Wells and others.
• Daily content from Financial Times, the world’s leading global business publication.
• Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
• National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
• Daily puzzles, including the New York Times Crossword.

SUBSCRIBE TO UNLOCK MORE ARTICLES

Subscribe now to read the latest news in your city and across Canada.

• Exclusive articles from Barbara Shecter, Joe O’Connor, Gabriel Friedman, Victoria Wells and others.
• Daily content from Financial Times, the world’s leading global business publication.
• Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
• National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
• Daily puzzles, including the New York Times Crossword.

REGISTER TO UNLOCK MORE ARTICLES

Create an account or sign in to continue with your reading experience.

• Access articles from across Canada with one account.
• Share your thoughts and join the conversation in the comments.
• Enjoy additional articles per month.
• Get email updates from your favourite authors.

Article content

The new leadership is under pressure to deliver on a strategy laid out in October, when the company set the goal of boosting operating profit faster than sales even despite a slower-than-expected growth in the third-quarter. The shares rose as much as 1.3% in early trading, but are still down almost 4% this year.

Article content

Meanwhile, buried in this morning’s inflation numbers, there was a notable slowdown in price-growth for vegetables, primarily from the lower price of crisps.

What’s your take? Ping me on X or drop me an email at [email protected]. 

Key Business News

SSE Plc is increasing investment in the UK’s power grid, the “sensible choice” amid surging development costs for offshore wind, the company said in a trading update. The Scottish electricity company is earmarking investment of £20.5 billion over the five years to 2027. It kept its full-year earnings guidance unchanged at more than 150 pence per share even as first-half performance came ahead of expectations.

Manchester City Football Club announced record-breaking top line performance after its team won three of football’s major trophies. The Premier League champions club posted £712.8 million in revenue after the 2022-23 season, according to a statement, but still trails European rivals such as Bayern Munich and Real Madrid.

Top Stories

Get the latest headlines, breaking news and columns.

By signing up you consent to receive the above newsletter from Postmedia Network Inc.

Thanks for signing up!

A welcome email is on its way. If you don’t see it, please check your junk folder.

The next issue of Top Stories will soon be in your inbox.

Article content

Advertisement 3

This advertisement has not loaded yet, but your article continues below.

Article content

Meanwhile, cross-city rival Manchester United Plc can count billionaire and former hedge fund manager Leon Cooperman as a shareholder. He’s taken just under 1 million shares, currently valued at $16.8 million, in the football club that’s nearing the end of a yearlong bidding war. 

Downing Street has tapped BlackRock’s head of Europe, the Middle East and Africa, Stephen Cohen, to help choose the second most powerful official at the Bank of England. He’ll sit on a five-member panel reviewing prospective candidates to succeed Ben Broadbent, a deputy governor for monetary policy who is due to step down in June.

Eco News: UK inflation tumbled to the lowest level in two years in October. Cconsumer prices rose 4.6% from a year earlier, compared with 6.7% in September, the Office for National Statistics said Wednesday. 

Markets Today’s Take

The stakes were high for the UK inflation numbers after the cooler print in the US yesterday, which drove some big moves in stocks, bonds and currency markets. And the UK reading came in below forecasts, with headline inflation falling the most since 1992.

Advertisement 4

This advertisement has not loaded yet, but your article continues below.

Article content

That’s likely to underpin the bets that traders made on Tuesday that interest rates have peaked, meaning their attention will turn to when central banks will cut and by how much. After this morning’s data, traders adding to their bets for the Bank of England to cut next year.

In the UK reading, there is a distortive impact from the energy price cap on the headline figure, though the core and services numbers were also cooler than expected. And, digging into the numbers further, there was a notable slowdown in price-growth for vegetables, primarily from the lower price of crisps. 

— Sam Unsted

For more news and analysis throughout the day, follow Bloomberg UK’s Markets Today blog. 

What’s Next? 

The quintessential British fashion brand Burberry Plc reports interim results tomorrow morning, with comparable sales expected to jump 11% year-on-year, consensus show. The performance in mainland China, which currently represents around 30% of total revenue, will be in focus as demand rebounds with the country’s reopening after the pandemic. Also watch out for comments on the US operations, where the trench-coat maker recently highlighted a slowdown.

CEO Jonathan Akeroyd’s overhaul and first design launches by creative chief Daniel Lee should bolster the brand, Bloomberg Intelligence’s senior analyst Deborah Aitken said. Burberry’s robust cash flow may pave the way for bigger dividends and buybacks, she said.

Article content

Share this article in your social network

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

https://financialpost.com/pmn/business-pmn/reckitt-picks-ex-sky-ceo-as-new-chair-the-london-rush