7 hours ago
Tobacco giant BAT launches quest to smoke out next chairman
The FTSE-100 cigarette-maker British American Tobacco (BAT) is preparing to kick off the search for a new chairman.
Sky News has learnt that the owner of Dunhill and Lucky Strike is in the process of picking headhunters to help identify a successor to Luc Jobin.
Mr Jobin, a Canadian business veteran, has only chaired BAT since 2021.
He has, however, been on its board since 2017, meaning he faces being 'timed out' by the middle of next year under UK corporate governance guidelines which state that directors are no longer deemed independent if they have served for more than nine years.
The search for his successor is not expected to conclude until later this year or early 2026, according to insiders.
With a market capitalisation of over £77bn, BAT remains one of the largest companies listed on the London Stock Exchange.
It reported half-year results last week showing that full-year revenues were on track to exceed previous guidance to the City.
The company's growth is being fuelled by so-called next-generation products such as Velo, a global brand of nicotine pouches.
"In the US, I am very pleased that we expect to return to both revenue and profit growth in H1 and FY," Tadeu Marroco, BAT chief executive, said last week.
"While Combustibles industry volume remains under pressure, we have stabilised our total industry volume and value share.
"Excluding the deep discount segment where we are not present, we are gaining share, driven by Natural American Spirit and Lucky Strike."
