11th Feb 2019 14:50
LONDON (Alliance News) - Imperial Brands PLC on Monday confirmed it is seeking to replace Non-Executive Chair Mark Williamson due to the new UK corporate governance code.
"The company has recently initiated a process to search for a non-executive chairman to succeed Mark Williamson. This is in accordance with its planned and orderly approach to board succession," said Imperial Brands.
"Mark will remain as chair until his successor has been found and to ensure an orderly handover of responsibilities," the tobacco company added.
Imperial Brands owns Winston cigarettes, as well as e-cigarette brand Blu, and said it was responding to "recent press speculation".
Earlier on Monday, The Times reported that Williamson would be stepping down due to the upcoming introduction of tighter corporate governance rules in the UK. Imperial Brands confirmed this.
The new UK corporate governance code calls for a chair tenure of nine years, which Williamson has already exceeded.
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.
https://www.thetimes.co.uk/edition/business/chairman-of-imperial-brands-to-quit-amid-board-reform-c6szfrqfd
Shares in Imperial Brands were up 1.4% at 2,572.50 pence on Monday.
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