BAT appoints finance director to top job as boss bows out after four years
Tadeu Marroco takes on the role as Jack Bowles steps down on Monday after four years as chief executive.
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Your support makes all the difference.Dunhill and Lucky Strike maker British American Tobacco (BAT) has promoted its finance director to the top job as chief executive Jack Bowles steps down after four years.
Tadeu Marroco takes on the role from Monday after four years as finance director and a lengthy career with the tobacco giant, having joined BAT in 1992.
Mr Bowles bows out with immediate effect after leading a push to transform BAT from traditional tobacco products towards new vaping and e-cigarettes, which now account for nearly £3 billion of the firm’s revenues.
Mr Marroco said: “Having been at the centre of the formulation of this strategy, I am convinced that this is the right strategic path for BAT.”
BAT – the world’s second-biggest tobacco firm – will now kick off the search for a new finance director to replace Mr Marroco.
The changeover at the top comes just weeks after BAT agreed to pay 635 million US dollars (£509 million) to US authorities after a subsidiary entered a guilty plea over historic sanctionsviolations linked to North Korea.
The group reached a settlement with the Department of Justice and the Office of Foreign Assets Control over sanction breaches relating to its business activities in North Korea between 2007 and 2017.
It also announced in February that thousands of jobs at the company’s traditional business will be lost in the coming years as the firm focuses on vapes and other new products.
On his decision to step down, Mr Bowles said: “It is now the time for a change of leadership to take the business to the next level.
“After 20 years in the company I look forward to my next steps.”
BAT chairman Luc Jobin paid tribute to Mr Bowles’ “significant contribution” as chief executive.
He added: “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.”
Mr Marroco will be paid a £1.3 million annual salary in the role, plus pension and benefits, and will be entitled to annual bonuses and long-term incentive scheme share awards.
The group said he is required in the role to build up share ownership in the group equal to 500% of his annual salary and must hold shares for two years after leaving the group.