BAT Chief Durante To Step Down In April
The chief executive of British American Tobacco, Nicandro Durante, has announced he will step down from the tobacco business after nearly 37 years with the firm.
Durante plans to retire next April, the company said.
“Nicandro has been an outstanding chief executive," said Richard Burrows, BAT chairman.
"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. Through this period of great change, Nicandro has substantially grown the business, delivering consistent strong growth in both earnings and dividends during his tenure.
“On behalf of the Board I would like to thank Nicandro for his exceptional leadership, as a result of which BAT is now better placed than ever to continue to deliver long term sustainable growth for our shareholders.”
BAT said that it has 'reviewed a strong list of internal and external candidates' and has identified a candidate to take over the role. It will announce his or her identity in due course.
Commenting on his impending departure, Durante said that it was a "privilege" to lead the company for the past eight years, praising the group's growing reduced-risk product business, as well as the recent integration of the Reynolds business.
Durante said that he will "stay in place for the next six months to ensure an orderly handover to my successor".
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.