11th Feb 2019 11:34
LONDON (Alliance News) - Imperial Brands PLC's Chair Mark Williamson is expected to step down due to the "more stringent corporate governance rules" about to be introduced, The Times reported Monday.
According to the newspaper, the tobacco company "has been engaged in succession planning over Williamson's tenure, which exceeds new guidance of nine years, and could soon confirm his resignation".
Imperial Brands' owns Winston and Parker & Simpson cigarettes, as well as e-cigarette brand Blu. The Times noted that at the firm's annual meeting in Bristol, England, last week, shareholders representing 18% of votes cast opposed Williamson's re-election.
"Much of the opposition is believed to have been due to fears of 'overboarding' — taking on too many other boardroom posts — by the chair," the Times reported.
The Times also noted "reports over the weekend" indicating a plot by some shareholders to also remove Chief Executive Alison Cooper but said Imperial Brands dismissed this saying Cooper's re-election had been "overwhelmingly backed" by shareholders.
https://www.thetimes.co.uk/edition/business/chairman-of-imperial-brands-to-quit-amid-board-reform-c6szfrqfd
Shares in Imperial Brands were up 1.1% at 2,564.50 pence on Monday.
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