LONDON, UK: British American Tobacco (BAT) plc, the world’s largest tobacco company by net sales1, has announced the appointment of Tadeu Marroco as its new Chief Executive, effective from 15 May. He will succeed Jack Bowles, who is retiring after four years in the role and 20 years with the company.
Marroco joined BAT in 1992 and has held various senior positions, including Regional Director for Europe and North Africa, Group Transformation Director, and Group Finance Director. He has been a member of the BAT plc Board since 2019 and the BAT Management Board since 2014. The company said it will start a comprehensive search for a new Group Finance Director, while Javed Iqbal, currently Director of Digital and Information, will take on the interim role.
Luc Jobin, Chair of BAT, said: “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.”
Marroco said: “I am honoured to be appointed as Chief Executive of BAT. Having been at the centre of the formulation of our A Better Tomorrow 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.”
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 £3 billion of revenue. It is now the time for a change of leadership to take the business to the next level.”
BAT’s A Better Tomorrow strategy aims to reduce the health impact of its business by offering consumers a range of potentially reduced-risk products, such as nicotine pouches, e-cigarettes and heated tobacco devices. The company reported revenue of £27.7 billion and operating income of £10.5 billion for 2022
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