20th Aug 2019 11:16
(Alliance News) - Imperial Brands PLC shareholders have been pushing for leadership changes and asset sales, the Financial Times reported on Monday.
According to the newspaper, "four top 30 shareholders say they have yet to see sufficient results" from promises to sell a number of the tobacco company's brands and invest in cigarette alternatives.
"We are getting impatient," a top 10 shareholder told the FT. "If they sold some assets, they could do a massive buyback. The board say they are working on it, but it's too slow."
The same shareholder also also told the FT that Imperial Brands' plan for the sale of its premium cigar business was not enough.
The newspaper noted that Imperial Brands is set to replace Chair Mark Williamson due to new UK rules, since Williamson has served "longer than the recommended nine years".
A top 30 shareholder called for more board changes, saying a new chair should "trigger a review of the leadership team".
https://www.ft.com/content/c07d72aa-c01c-11e9-89e2-41e555e96722
Imperial Brands was up 0.9% to 2,130.50 pence in London on Tuesday.
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