TIDMBATS
RNS Number : 3409Z
British American Tobacco PLC
15 May 2023
This announcement contains inside information
British American Tobacco p.l.c. (the "Company" or "BAT")
BAT announces Tadeu Marroco as Chief Executive
15 May 2023
The 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.
Tadeu 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.
Luc Jobin, Chair, said:
"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 GBP20bn 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.
"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."
Tadeu Marroco said:
"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 environment, I remain
firmly committed to focusing on results delivery through
executional excellence.
"Throughout my 30-year career with this great company,
inclusivity and collaboration have always been at the heart of my
leadership approach. My commitment as the new Chief Executive will
be to nurture the passion in BAT for our people, our consumers and
our brands. My Management Team and I will continue to build an
increasingly agile and progressive BAT."
Jack Bowles said:
"It has been my privilege to lead BAT since 2019. In the last
four years we have set out to transform the business towards A
Better Tomorrow through a focus on growth of New Category consumer
brands, which account for almost GBP3 billion of revenue. It is now
the time for a change of leadership to take the business to the
next level. As I leave, I thank all my colleagues and the Board for
their support and dedication to this strategy and to the
transformation of the business which we achieved. After 20 years in
the company I look forward to my next steps. I wish my successor
Tadeu, who has been our Group Finance Director for four years, and
the great team at BAT, all the success to continue the journey.
Given the quality of BAT's talent pipeline, I am confident that BAT
will continue to be successful."
The person responsible for making this announcement on behalf of
the Company is P McCrory, Company Secretary.
Supplementary Information - Remuneration
Tadeu Marroco will receive a remuneration package which will
comprise a basic salary, variable incentive arrangements and
benefits which are fully in line with the Company's current
Directors' Remuneration Policy. The key elements of the package are
as follows:
-- He will receive an annual base salary of GBP1,343,700.
-- He will receive a pension allowance of 15% of annual base
salary in line with the contribution level for the wider UK
workforce, and other benefits in line with relevant existing
policies.
-- He will be eligible to participate in the Company's existing
short-term and long-term incentive schemes in line with and subject
to deferral in line with the Directors' Remuneration Policy.
Malus and clawback are applicable to the variable remuneration
arrangements.
His share ownership requirement will be in line with the
Company's existing policy, requiring that he build up ownership of
a shareholding that is equal to 500% of salary. This is subject to
a formal post-employment shareholding requirement for two years
after departure from the Company.
Further detail will be set out in the Directors Remuneration
Report within 2023 Annual Report and Form 20-F.
In accordance with section 430(2B) of the Companies Act 2006,
information in respect of Jack Bowles departure from the Board will
be available on bat.com in due course and will remain available
until the Company's Directors' Remuneration Report in the Annual
Report and Form 20-F for the year ended 31 December 2023 is made
available.
All remuneration arrangements are consistent with the terms of
the Directors' Remuneration Policy approved by shareholders at the
AGM in April 2022.
S
Enquiries
Media Centre
+44 (0) 20 7845 2888 (24 hours) | @BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845 2012
John Harney: +44 (0)20 7845 1263
About BAT
BAT is a leading, multi-category consumer goods business with a
purpose to build A Better Tomorrow(TM) by reducing the health
impact of its business through offering a greater choice of
enjoyable and less risky products for adult consumers.
The company continues to be clear that combustible cigarettes
pose serious health risks, and the only way to avoid these risks is
not to start or to quit. BAT encourages those who would otherwise
continue to smoke to switch completely to
scientifically-substantiated, reduced-risk alternatives* . In order
to deliver this, BAT is transforming into a truly consumer-centric
multi-category consumer products business.
BAT's ambition is to have 50 million consumers of its
non-combustible products by 2030 and to generate GBP5billion of New
Categories revenue by 2024. BAT has set stretching ESG targets
including achieving carbon neutrality for Scopes 1 & 2 by 2030
and eliminating unnecessary single-use plastic and making all
plastic packaging reusable, recyclable or compostable by 2025.
BAT employs over 50,000 people. The BAT Group generated revenue
of GBP27.65 billion in 2022 and profit from operations of GBP10.5
billion.
The company's Strategic Portfolio is made up of its global
cigarette brands and a growing range of reduced-risk* New Category
tobacco and nicotine products and traditional non-combustible
tobacco products. These include vapour, tobacco heating products,
modern oral products including tobacco-free nicotine pouches, as
well as traditional oral products such as snus and moist snuff. In
2022, we had 22.5 million consumers of our non-combustible
products, a rise of 4.2 million on full year 2021.
* Based on the weight of evidence and assuming a complete switch
from cigarette smoking. These products are not risk free and are
addictive.
Our vapour product Vuse (including Alto, Solo, Ciro and Vibe),
and certain products, including Velo, Grizzly, Kodiak, and Camel
Snus, which are sold in the U.S., are subject to FDA regulation and
no reduced-risk claims will be made as to these products without
agency clearance.
Forward-looking statements
This release contains certain forward-looking statements,
including "forward-looking" statements made within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements are often, but not always, made through the use of words
or phrases such as "believe," "anticipate," "could," "may,"
"would," "should," "intend," "plan," "potential," "predict,"
"will," "expect," "estimate," "project," "positioned," "strategy,"
"outlook", "target" and similar expressions. These include
statements regarding our customer target ambition, New Categories
revenue targets and our ESG targets.
All such forward-looking statements involve estimates and
assumptions that are subject to risks, uncertainties and other
factors. It is believed that the expectations reflected in this
release are reasonable but they may be affected by a wide range of
variables that could cause actual results to differ materially from
those currently anticipated. A review of the reasons why actual
results and developments may differ materially from the
expectations disclosed or implied within forward-looking statements
can be found by referring to the information contained under the
headings "Cautionary Statement" and "Group Principal Risks " in the
2021 Annual Report and Form 20-F of British American Tobacco p.l.c.
(BAT).
Additional information concerning these and other factors can be
found in BAT's filings with the U.S. Securities and Exchange
Commission ("SEC"), including the Annual Report on Form 20-F and
Current Reports on Form 6-K, which may be obtained free of charge
at the SEC's website, http://www.sec.gov and BAT's Annual Reports,
which may be obtained free of charge from the BAT website
www.bat.com .
Past performance is no guide to future performance and persons
needing advice should consult an independent financial adviser. The
forward-looking statements reflect knowledge and information
available at the date of preparation of this release and BAT
undertakes no obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise. Readers are cautioned not to place undue reliance on
such forward-looking statements.
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May 15, 2023 02:00 ET (06:00 GMT)
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