British American Tobacco Picks Tadeu Marroco As CEO

British American Tobacco PLC BTI has appointed Tadeu Marroco as Chief Executive Officer to succeed Jack Bowles, who is stepping down from the Board of Directors, effective May 15.
Marroco started working for the tobacco firm in 1992 and was appointed to the board in 2019 as Group Finance Director.
“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,” said Chair Luc Jobin.
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“In considering succession, the Board recognized Tadeu’s outstanding track record of developing teams that deliver on our transformation alongside a consistent focus on strong execution and financial performance.”
Director Javed Iqbal will be interim finance director while the group seeks a permanent replacement.
Price Action: BTI shares are trading higher by 1.04% at $34.06 in premarket on the last check Monday.