(Alliance News) - British American Tobacco PLC on Monday said Finance Director Tadeu Marroco will take over as chief executive, replacing Jack Bowles who is stepping down with immediate effect.
BAT shares were trading flat at 2,707.00 pence each on Monday morning in London.
The London-based maker of cigarettes and vaping products said Marroco has been with the company since 1992 and was appointed to the board in 2019. Marroco has served on the BAT management board since 2014, with previous roles including regional director for Europe & North Africa, and group transformation director.
"In considering succession, the board recognised Tadeu's outstanding track record of developing teams that deliver on our transformation alongside a consistent focus on strong execution and financial performance," BAT Chair Luc Jobin said.
BAT said Director of Digital & Information Javed Iqbal will be interim finance director until a permanent successor is found.
By Xindi Wei, Alliance News reporter
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British American Tobacco (BATS)