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Investing.com -- Shares of Rentokil Initial PLC (LON:RTO) dropped by 1.8% on Wednesday following the announcement that Chief Executive Andy Ransom will retire by the 2026.
After serving on the Board for 17 years and as Chief Executive for 12, the company has initiated a search for his successor, led by Chair Richard Solomons.
"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,” Solomons said in a statement.
In addition to the CEO’s planned departure, Rentokil Initial announced the appointment of two new Non-Executive Directors, effective 1 June 2025.
Leanne Sheraton, former Chief Marketing Officer for PayPal Holdings Inc (NASDAQ:PYPL) and Sam Mitchell, former CEO of Valvoline Inc (NYSE:VVV), will join the Board, bringing in expertise in North American market operations, brand building, and digital customer acquisition.
The company also noted the impending departure of two current Non-Executive Directors.
Linda Yueh will not stand for re-election at the 2026 AGM after completing nine years of service, and Sarosh Mistry will step down on 31 July 2025 due to other commitments.