20th Sep 2018 07:34
LONDON (Alliance News) - British American Tobacco PLC confirmed on Thursday Chief Executive Nicandro Durante is to retire in 2019, following eight years at the helm of the FTSE 100-listed firm.
Durante, who has been with BAT for nearly 37 years, will retire on April 1, 2019.
Richard Burrows, chairman of BAT, said: "Nicandro 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."
The tobacco giant said it has been considering successors "for some time" and, having reviewed a list of internal and external prospects, has identified a "lead candidate".
BAT said it will make a further announcement in due course.
Sky News had first reported Durante's departure late Wednesday, the news agency adding that BAT's Chief Operating Officer Jack Bowles is regarded as the "frontrunner" for the CEO position, though Chief Marketing Officer Andrew Gray is also thought to have been a contender for the role.
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