Business
BAT announces Tadeu Marroco as Chief Executive
BAT announces Tadeu Marroco as Chief Executive.
About this update from British American Tobacco P.l.c.
[{"type":"text","content":"\n\nThis announcement contains inside information\nBritish American Tobacco p.l.c. (the \"Company\" or \"BAT\")\nBAT announces Tadeu Marroco as Chief Executive\n15 May 2023\nThe Board announces the appointment of Tadeu Marroco as Chief Executive of BAT plc to succeed Jack Bowles who is stepping down from the Board of Directors with effect from 15 May. \nTadeu joined BAT in 1992 and was appointed to the BAT plc Board in 2019 as Group Finance Director. He has also served on the BAT Management Board since 2014, with previous roles including Regional Director for Europe and North Africa, and Group Transformation Director. A comprehensive search for a new Group Finance Director will now commence. Javed Iqbal, who has had an extensive finance career in the Group, and is currently Director, Digital and Information, takes on the role of interim Group Finance Director until a permanent successor has been appointed.\nLuc Jobin, Chair, said:\n\"Since our A Better Tomorrow strategy was articulated in 2019, we have achieved clear momentum in our New Categories business, have established leadership in key markets and expect to deliver New Categories profitability earlier than originally planned. During this time we have also continued to deliver solid financial results and have returned over £20bn to our shareholders. On behalf of the Board I would like to thank Jack for his significant contribution as Chief Executive during this important period.\n\"To fully deliver on our transformation in a fast-changing environment we must continue to evolve as a high performing and agile consumer goods company. In considering succession, the Board recognised Tadeu's outstanding track record of developing teams that deliver on our transformation alongside a consistent focus on strong execution and financial performance. We are confident that under his leadership we will further strengthen our relationships with key stakeholders and continue to build A Better Tomorrow and deliver long-term sustainable value for our shareholders.\"\nTadeu Marroco said:\n\"I am honoured to be appointed as Chief Executive of BAT. I wish to thank Jack who has been instrumental in establishing our A Better Tomorrow strategy. Having been at the centre of the formulation of this strategy, I am convinced that this is the right strategic path for BAT. In this dynamic env...