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(Sharecast News) - British American Tobacco revealed significant changes to its management board on Monday, following the appointment of Tadeu Marroco as its chief executive on 15 May.
The FTSE 100 tobacco giant said that from 1 July, Johan Vandermeulen would assume the newly-created role of chief operating officer, reporting directly to the CEO.
Vandermeulen's responsibilities would include overseeing business performance, operational excellence, and ensuring the delivery of short-term and sustainable results.
Reporting to Vandermeulen would be David Waterfield, who was being promoted to the management board as president and CEO of Reynolds American, effective from 1 July.
Additionally, Fred Monteiro and Michael Dijanosic would serve as directors for the Americas and Europe, and the Asia Pacific, Middle East and Africa geographies, respectively.
Meanwhile, Zafar Khan would take on the position of director of operations, and Javed Iqbal would continue as director of digital and information, while also serving as interim finance director.
Kingsley Wheaton would meanwhile assume the newly-created role of chief strategy and growth officer, reporting to the CEO, effective from 1 September.
Wheaton would be responsible for spearheading strategic development, ensuring a consumer-focused approach across brands, driving long-term sustainable growth, and leading BAT's environmental, social, and governance (ESG) initiatives.
Luciano Comin would join Wheaton's team as marketing director for combustibles and new categories, starting from 1 July.
Comin would be accountable for integrating insights, innovation, brand-building, consumer experience, and revenue growth management within the combustibles and new categories portfolios.
In addition, Paul McCrory would be promoted to the management board as director of corporate and regulatory affairs, effective from 1 September.
McCrory would shape regulatory strategy and spearhead regulatory engagement efforts to secure BAT's access to markets and categories.
James Barrett would also join the management board as director of business development, focusing on strategy development, mergers and acquisitions, the wellbeing and stimulation portfolio, and 'Btomorrow Ventures', BAT's venturing unit.
James Murphy, director of research and science, and Jerome Abelman, director of legal affairs and general counsel, would retain their current roles and report directly to the chief executive.
To facilitate a smooth transition, Guy Meldrum, currently president and CEO of Reynolds American, and Paul Lageweg, director of new categories, would step down from their positions and the management board on 30 June.
Hae In Kim, currently a member of the management board, will also step down on 30 June to assume the role of strategic talent director, reporting to the CEO.
In that capacity, Kim would oversee the execution of key projects related to BAT's talent agenda, working closely with the board and the management board.
The roles of chief transformation officer, chief growth officer, director of new categories, and director of combustibles would be removed from the management board as their responsibilities would be absorbed within the new organisational structure.
BAT said it was currently undertaking a comprehensive process to identify and appoint successors for the roles of finance director and director of talent, culture and inclusion, both of which would report directly to the chief executive.
"This refreshed management board structure is critical to my commitment to build a progressive and agile organisation with a collaborative and inclusive culture, enabling simultaneous performance and transformation," said Tadeu Marroco.
"To that end, I am delighted to be welcoming David, Paul and James to the management board.
"I would like to thank Guy for his significant contribution across many markets and geographies over the last two decades, and Paul, for his role in helping to create a new category business that continues to drive BAT's transformation.
"I also look forward to working with Hae In as strategic talent director."
At 0816 BST, shares in British American Tobacco were down 0.27% at 2,573.5p.
Reporting by Josh White for Sharecast.com.
