Tobacco group Imperial Brands Plc said on Thursday chief finanical officer Oliver Tant will retire from the company once a successor is found.
The move comes just a month after Stefan Bomhard, a former executive of car dealer Inchcape Plc, joined the Winston and Gauloises Blondes cigarette maker as chief executive officer.
Bomhard and the board are looking for an external replacement for Tant, Imperial said.
Tant, who has been CFO since November 2013, will be eligible for a bonus for 2019-20, which will be paid 50% in cash and the rest in deferred shares.
If he works into 2021, he would also be eligible for a pro-rated bonus, the company said.
He could earn a maximum of £4.25 million ($5.59 million) when taking into account his fixed pay, bonus and long-term investment plan, according to Imperial's 2019 annual report.
Tant, who turned 59 on Wednesday, will continue to get his base salary, pension and benefits through to his retirement, the company said.