Rentokil has replaced its senior management team with top executives from ICI after shareholders demanded a change in leadership.
The company has appointed senior figures from ICI including former chief executive Dr John McAdam as chairman, former chief financial officer Alan Brown as chief executive and Andy Ransom as executive director, corporate development, who was ICI's executive vice president of mergers and acquisitions.
Andrew Macfarlane, the chief financial officer, will remain but Rentokil's chairman Brian McGowan and chief executive Doug Flynn have resigned with immediate effect.
Rentokil's shares have dropped more than 30 per cent this year after issuing its second profit warning in as many months in February.
It was reported two weeks ago that several of the company's biggest investors had approached the head of the nominations committee, Peter Long, to demand Rentokil hire a strong executive chairman.
Peter Long, senior independent director, said: "John, Alan and Andy's track records speak for themselves.
"I am in no doubt that their proven skills, in particular the operational and strategic rigour which they applied so successfully to the remarkable turnaround at ICI will be brought to bear, alongside those of the existing Rentokil Initial team, on the many and complex issues facing the group."
The falling share price means Rentokil has been relegated from the FTSE 100 index and will join the FTSE 250 in the quarterly reshuffle, which will take effect on March 26th.
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