Rentokil's North American CEO leaves after just over a year in charge
Rentokil's North American CEO leaves after just over a year in charge
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The chief executive of Rentokil Initial's North America operations has left the firm after just over a year, following a turbulent period for the business. Brad Paulsen joined the pest control giant as head of its North America segment in December 2023 after a short stint running electrical supplier Rexel USA.
This followed difficult trading conditions for the Crawley-based firm in the US, where it has suffered weaker demand from wholesale clients like pest control operators and landscaping businesses. Rentokil issued a profit warning last September owing to a weaker-than-anticipated performance over the summer in North America, where it faces tough competition from rival Rollins.
The company also said organic growth had been disrupted by merging branches of Terminix, a pest control provider it bought four years ago for £5.1billion. Activist hedge fund Trian Partners, which recently bought 7.5m Rentokil shares, had reportedly pushed for Paulsen to quit, along with chief financial officer, Stuart Ingall-Tombs.
Outlook: Rentokil issued a profit warning last September owing to a weaker-than-anticipated performance over the summer in North America. Rentokil said Paulsen will leave this April to 'pursue a new opportunity' at an unnamed publicly-traded building materials firm in the US.
A graduate of West Point Military Academy, Paulsen's corporate career has seen him work for retailers like Toys 'R' Us and Home Depot, as well as industrial distributor HD Supply. Rentokil revealed that its chief commercial officer, Alain Moffroid, will take interim charge of the North American segment.
