Tobacco big BAT launches quest to smoke out subsequent chairman

The FTSE-100 cigarette-maker British American Tobacco (BAT) is making ready to kick off the seek for a brand new chairman.

Sky Information has learnt that the proprietor of Dunhill and Fortunate Strike is within the means of selecting headhunters to assist establish a successor to Luc Jobin.

Mr Jobin, a Canadian enterprise veteran, has solely chaired BAT since 2021.

He has, nevertheless, been on its board since 2017, which means he faces being ‘timed out’ by the center of subsequent yr beneath UK company governance tips which state that administrators are not deemed unbiased if they’ve served for greater than 9 years.

With a market capitalisation of over £77bn, BAT stays one of many largest firms listed on the London Inventory Alternate.

It reported half-year outcomes final week exhibiting that full-year revenues have been on monitor to exceed earlier steerage to the Metropolis.

The corporate’s progress is being fuelled by so-called next-generation merchandise equivalent to Velo, a world model of nicotine pouches.

“Within the US, I’m very happy that we anticipate to return to each income and revenue progress in H1 and FY,” Tadeu Marroco, BAT chief government, mentioned final week.

“Whereas Combustibles trade quantity stays beneath stress, now we have stabilised our whole trade quantity and worth share.

“Excluding the deep low cost phase the place we aren’t current, we’re gaining share, pushed by Pure American Spirit and Fortunate Strike.”

BAT declined to remark.