Consumer products group Reckitt Benckiser said that chief financial officer (CFO) Liz Doherty will leave in March 2013, as her management style is not “well matched” to the direction in which chief executive officer (CEO) Rakesh Kapoor intends to steer the group. Doherty joined Reckitt Benckiser in February 2011, less than a year before Kapoor succeeded Bart Becht as CEO.
Doherty’s successor will be Adrian Hennah, currently CFO at Smith & Nephew, who will join Reckitt Benckiser at the end of December. Hennah’s previous experience includes 18 years at GlaxoSmithKline (GSK) and he is also a non-executive director of Reed Elsevier.
Reckitt Benckiser indicated last February that, under Kapoor, it would focus more on consumer health and pharmaceutical products and less on traditional household goods. The former are expected to account for 72% of sales from the group’s main units by 2016, against 67% currently.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.