Danny McCance 8 May 2017 11:48am

Reckitt Benckiser drops PwC for KPMG

Multinational consumer goods and healthcare company Reckitt Benckiser (RB) is set to end its 20-year audit relationship with PwC

In a statement to the stock market, the FTSE 100 company confirmed its intention to appoint KPMG as auditor for the financial year ending 31 December 2018.

“We have conducted detailed investigations as part of a thorough audit tender process to ensure that our principal criteria of geographical reach, experience, expertise in the consumer products industry, and cultural fit were met,” said Ken Hydon, chairman of RB's audit committee.

"We would like to extend our appreciation to PwC for its significant contribution to RB and the work it has carried out to provide assurance to the RB board and shareholders during its time as RB's auditor”, Hydon said.

In 2015 the Financial Conduct Authority (FCA) found that RB – which manufactures a range of household brands including Durex, Strepsil, Dettol and Nurofen – had inadequate systems and controls for monitoring its senior executives’ dealings in its own shares.

The company was fined £0.5m after these failings led to late and incomplete disclosure to the market of share dealings by two senior executives.

Rakesh Kapoor, who became chief executive officer of RB in 2011, was the second highest paid CEO in the UK in 2016, earning £23,190,895.