TIDMBATS
RNS Number : 1091S
British American Tobacco PLC
02 November 2023
British American Tobacco p.l.c. (the "Company")
2 November 2023
BAT Appoints Chief Financial Officer
Soraya Benchikh has been appointed to the role of Chief
Financial Officer and Executive Director and will join the BAT
p.l.c. and Management Boards from 1 May 2024. She will succeed
Javed Iqbal, who will continue to serve as interim Finance Director
until 30 April 2024.
Soraya has been President, Europe at Diageo plc since January
2023, having joined Diageo in July 2020 as Managing Director for
Northern Europe. Soraya previously spent 20 years at BAT where she
served as President of BAT France, Area Director for East and
Southern Africa, and Regional Finance Director for Europe. Earlier
in her career, Soraya worked in finance roles at General Electric
and Gillette.
Luc Jobin, Chair of the Board, commented:
"I am pleased to welcome Soraya as Chief Financial Officer, and
to the Board. She brings a wealth of leadership experience and
commercial acumen from across both finance and commercial roles.
Soraya's excellent track record in different geographies and in
depth understanding of the sector make her ideally suited for the
role. On behalf of the whole Board I would like to welcome Soraya
and am confident that her leadership will accelerate our strategy
to build A Better Tomorrow."
Tadeu Marroco, Chief Executive, commented:
"I am delighted to welcome Soraya to the Management Board as our
new Chief Financial Officer. Her extensive senior leadership and
financial experience from a range of international fast moving
consumer goods companies represents a great addition to our
leadership team. I am grateful to Javed for his continued
contribution as interim Finance Director, in addition to his
ongoing role as Director, Digital and Information.
Following the recent appointment of Dr Cora Koppe-Stahrenberg as
Chief People Officer, Soraya's appointment is also a further
important step towards building a modern organisation. I very much
look forward to working with Soraya as we continue our
transformation. "
Soraya Benchikh commented:
"I am excited to re-join the leadership of BAT as Chief
Financial Officer and Executive Director, and share their passion
for the transformation strategy. I am looking forward to working
with my new colleagues, the leadership team, Tadeu and the Board,
and leverage my recent experience within broader FMCG to provide an
external lens and support their efforts to accelerate BAT's
strategy to build A Better Tomorrow."
There is no other information that is required to be disclosed
under Listing Rule 9.6.13R of the UK Listing Authority.
ENDS
Enquiries
Media Centre
+44 (0) 20 7845 2888 (24 hours) | @BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845 2012
Yetunde Ibe: +44 (0)20 7845 1095
Amy Chamberlain: +44 (0)20 7845 1124
John Harney: +44 (0)20 7845 1263
Jane Henderson: +44 (0)20 7845 1117
Supplementary information
Remuneration
Soraya Benchikh will be appointed with a base salary of
GBP800,000 per annum. All other elements of her remuneration will
be consistent with the terms of the Directors' Remuneration Policy
approved by shareholders at the AGM in April 2022. Further details
will be set out in the 2023 Directors' Remuneration Report.
Replacement awards will be made covering the value of lost short
and long-term incentive awards in order to facilitate recruitment,
which are in line with the Director's Remuneration Policy.
Replacement awards will be made subject to malus and clawback
provisions.
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.
We continue 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 2025. 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 47,000 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.
References in this statement to 'BAT', 'we', 'us' and 'our'
refer to the British American Tobacco Group.
* 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
2022 Annual Report and Form 20-F of British American Tobacco p.l.c.
(BAT PLC).
Additional information concerning these and other factors can be
found in BAT PLC'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 PLC'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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END
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November 02, 2023 03:00 ET (07:00 GMT)
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