REG - Rentokil Initial PLC - Directorate change

Rentokil InitialAnnouncement

13/01/2026 07:00

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RNS Number : 5989O  Rentokil Initial PLC  13 January 2026

13 January 2026

Rentokil Initial plc appoints Mike Duffy as Chief Executive

Rentokil Initial plc (LSE: RTO, NYSE: RTO) ("the Company") today announces the
appointment of Mike Duffy (Michael A. Duffy) as Chief Executive (CEO) and an
Executive Director, effective 16 March 2026. He will join the Company on 16
February 2026 as CEO Designate.

Mike succeeds Andy Ransom, who will step down as CEO and Executive Director on
16 March 2026 and will continue to work with the Company to ensure a smooth
transition ahead of the Company's AGM on 7 May 2026.

Mike, a US citizen, will be based in North America.  He brings 25+ years of
leadership experience with large US businesses across B2B and B2C
industries.  Throughout his career, he has delivered successful business
transformations through initiatives to improve the customer experience,
employee engagement and financial returns. These initiatives include
optimising commercial strategy, deploying technology to enhance the customer
experience, and driving more robust processes and culture.

Mike is currently CEO of OnTrac, an American logistics company specialising in
residential last-mile deliveries for e-commerce and direct-to-consumer brands,
where he has established a culture of sales excellence and refocused the
business on mutli-site efficiency with investments in technology and
best-in-class operations. Prior to this he was the CEO of FleetPride, Inc.,
the largest independent B2B distributor of parts and a full-service provider
for the US heavy-duty truck industry which under Mike's leadership had over
350 locations across North America. Both OnTrac and FleetPride are owned by
the US-based private equity business, American Securities LLC.

Richard Solomons, Chair of Rentokil Initial plc, said:

"We are delighted to announce Mike as our new Chief Executive. He is a
successful business leader with a deep understanding of multi-site and
route-based operations and customer acquisition strategies. He has a proven
track record of delivering profitable growth and transforming businesses and
has the right skills and capabilities to enable Rentokil Initial to realise
its full potential over the coming years.

"On behalf of the Board, I want to express our gratitude to Andy for his
enormous contributions and commitment to the Company for 18 years and
especially during his successful tenure as CEO, steering Rentokil Initial to
become one of the world's leading services businesses. We wish him all the
very best for the future."

Mike Duffy said:

"It is an honour to be appointed as Chief Executive of Rentokil Initial, a
company with an impressive global footprint and a leading position in the
North American market. I admire Rentokil Initial's commitment to its
customers, its focus on innovation, and the dedication of its people. There is
an exciting opportunity ahead to build upon the strong foundations in place to
drive operational excellence, improved financial performance and incremental
value for shareholders."

Andy Ransom said:

"It has been the greatest privilege of my career to lead Rentokil Initial, and
I want to extend my deepest thanks to every colleague who has contributed to
our success. We have built the world's largest Pest Control business, which,
together with our global Hygiene and Wellbeing business, are a platform with
the scale and capabilities to drive future growth. I am immensely proud of
what we've accomplished, and I look forward to handing the baton over to Mike
and working closely with him to ensure a smooth transition."

The Company will announce its financial results for the Full Year 2025 on 5
March 2026.  Andy Ransom, CEO, and Paul Edgecliffe-Johnson, CFO, will update
the market, before Andy hands over to Mike on 16 March 2026.

Notes:

Mike Duffy - Career Details:

 2023-now: Chief Executive Officer, OnTrac

OnTrac is an American logistics company that primarily services e-commerce
retailers and direct-to-consumer brands. Mike was appointed CEO in March 2023,
following OnTrac's acquisition by LaserShip. He transformed operations to
refocus on multi-site efficiency and investments in technology. The business
is primarily residential, providing last-mile deliveries.

2021-2023: Chief Executive Officer, FleetPride, Inc.

FleetPride, Inc., is the largest independent distributor of parts and a
full-service provider for the U.S. heavy-duty truck industry operating from
over 350 locations by the end of Mike's tenure. Mike delivered strong growth
through network expansion, disciplined pricing, and 25+ bolt-on acquisitions.
He repositioned the commercial strategy towards higher-margin services and
developed an industry-leading e-commerce platform.

 2018-2020 Chief Executive Officer, C&S Wholesale Grocers, LLC

C&S Wholesale Grocers, LLC is a leading US grocery wholesale distributor
delivering over 100,000 unique products to more than 7,500 grocery stores from
60 distribution centres across the US. During his time as CEO, Mike simplified
the business's portfolio and redeployed capital towards core growth segments.

2006-2017 Cardinal Health, Inc.

●    2015-2017: President, Hospital Solutions and Global Supply Chain,
part of a $13bn revenue division, where Mike focused on three major
initiatives for its transformation: keeping customers as the sole focal point
of the organisation, achieving cost leadership across the value chain, and
leveraging best practices and skills across the organisation. He also
overhauled Cardinal's brand strategy and expanded operations in Asia to fully
leverage growth opportunities, primarily in Malaysia, Singapore and Shanghai.

●     2013-2015, President, Medical Products

●     2006-2013, Executive Vice President, Global Manufacturing and
Supply Chain, Medical

2001-2006: Vice President, Global Supply Chain, The Gillette Company

 1997-2001: Consultant, Supply Chain and Operations, New York Consulting
Partners Inc.

Boards: Since July 2020, Mike has served on the board of Republic Services,
Inc., a publicly listed waste management company with a market capitalisation
of $65bn, where he is a member of both the Audit and Sustainability &
Corporate Responsibility committees. He was a Board member as CEO at C&S
Wholesale. He is on the Board for FleetPride and will step down from this role
when he joins the Company.

Education: He holds a bachelor's degree in operations research and a master's
degree in transportation from the Massachusetts Institute of Technology.

Remuneration: All remuneration arrangements are in line with the shareholder
approved Directors Remuneration Policy (the "Policy"). Mike will receive an
annual salary of US$1,600,000 and will be eligible for an annual bonus with a
maximum opportunity of 225% of base salary and long-term incentive plan awards
with a maximum grant date value of 375% of base salary. He will also be
eligible to receive benefits and pension in accordance with the Policy.

In addition, the Company will compensate Mike for certain remuneration he will
forfeit as a result of leaving his current role. He will be compensated for
his 2025 annual bonus and long-term incentive awards forfeited.  He will
receive a cash payment in lieu of his annual bonus expected for 2025 once the
value has been confirmed.

In respect of the long-term incentive awards he forfeits, he will receive
three replacement awards over Rentokil Initial shares with an aggregate
maximum grant date value of US$3.98m. These awards are broken down as follows:
the first award will have a grant date value of US$1.26m, and the second will
have a maximum grant date value of US$720k. For both of these awards, half
will vest two years after the relevant grant date and the other half will vest
three years after the grant date. The third award will have a grant date value
of US$2m and will vest three years after the grant date, subject to the
achievement of performance conditions related to Rentokil Initial share price
growth. All replacement awards will be subject to clawback and malus
provisions.

Mike will be subject to Rentokil Initial's minimum shareholding requirement of
400% of salary and post-employment shareholding requirements.

Full details of Mike's remuneration will be set out in the Company's 2025
Directors Remuneration Report.

There are no further details to be disclosed relating to Mike Duffy under
Listing Rule 6.4.8.

For further information, please contact:

Investors / Analysts: Heather Wood, Rentokil Initial plc, +44 7808 098793

Media: Malcolm Padley, Rentokil Initial plc, +44 7788 978199

About Rentokil Initial plc:

Rentokil Initial plc is a global leader in Pest Control and Hygiene &
Wellbeing services. It employs over 60,000 people in around 90 countries.

www.rentokil-initial.com (http://www.rentokil-initial.com/)

 

 

 

 

 

 

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