Rentokil Initial: New North America CEO

Research evidence excerpt

Rentokil Initial: New North America CEO

Equity Research

European Business Services

21 May 2026

Rentokil Initial

New North America CEO

First LookRentokil has announced the appointment of a new North

America CEO, Rafael Carrasco...

RTO.L/RTO LN OVERWEIGHT

European Business Services POSITIVE...He joins the business on 3rd August, so quite quickly which is a positive. The interim NAM CEO

Price Target GBp 630Alain Moffroid (one of the main architects of Rentokil's recent turnaround) will remain in the US

Price (20-May-26) GBp 471leadership team for the remainder of the year, and after that, will be with Rentokil through the

Potential Upside/Downside +33.8%end of 2027.

Source: Bloomberg, Barclays Research

Rafa joins from Waste Management Inc (US-listed) with a >10yr career. He was most recently the

President of Healthcare Solutions, SVP of Strategy and previously led the East region. The European Business Services

business has a good long-term share price trajectory. It is also an operation with some James Rose, CFA

similarities to Rentokil; it's a network business where customer relationships, service and front +44 (0)20 7773 0460

workforce management are crucial for generating recurring revenues. james.l.rose@barclays.com

Barclays, UK

CEO comments " I am pleased to welcome Rafa to Rentokil Initial. He has an impressive track

James Rowland Clark

record in field-based, recurring service operations, making him the ideal leader to drive our +44 (0)20 7773 0872

North American business forward. He is an execution-focused leader, committed to colleagues james.rowlandclark@barclays.com

and culture, and enhancing the customer experience." Barclays, UK

Vasia Kotlida

+44 (0)20 7773 4635

vasiliki.kotlida@barclays.com

Subhajit Majumdar

+91 (0)22 6175 4556

subhajit.majumdar@barclays.com