British American Tobacco (BAT) has announced CEO Nicandro Durante will step down from the tobacco business on 1 April 2019.
After nearly 37 years with the company, and eight years as CEO, he has expressed his intention to retire.
Richard Burrows, Chairman of BAT, said thanked Durante, and said that he has been an “outstanding” chief executive.
“He was the architect of the current strategy to transform the business and, with the successful establishment of BAT’s potentially reduced-risk products business and the acquisition of Reynolds American Inc., he has created a stronger, truly global tobacco and nicotine business,” Burrows said.
“Through this period of great change, Nicandro has substantially grown the business, delivering consistent strong growth in both earnings and dividends during his tenure.
Durante said that it has been “a privilege to have led such a great company for the last eight years”.
“We now have a growing potentially reduced-risk product business fully embedded in our organisation and the integration of Reynolds has been successfully completed,” he said.
Durante will remain in his position for the next six months to ensure an orderly handover to his successor.
The company has been considering his successor 'for some time', and has identified a lead candidate to step in. BAT added that it will make a further announcement in due course.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.