British American Tobacco Begins Hunt for New Chairman
09 April 2019 - 8:52PM
Dow Jones News
By Adria Calatayud
British American Tobacco PLC (BATS.LN) intends to begin looking
for a new chairman this year, as current Chairman Richard Burrows
has been on its board for more than nine years.
Sky News first reported Tuesday that BAT had hired headhunters
at Korn Ferry to find a successor to Mr. Burrows. He is expected to
leave by the time of next year's annual shareholder meeting, Sky
News reported.
The FTSE 100-listed cigarette maker disclosed in its 2018 annual
report that its nominations committee would be focused on the
succession of the chairman role this year, following the
introduction of new U.K. corporate governance rules that require
companies' chairs to step down after nine years from the date of
their first appointment to the board.
Mr. Burrows joined BAT's board on Sept. 1, 2009, and became
chairman on Nov. 1 of that year. At the time of the company's 2019
general meeting--due to be held later this month--he will have
served more than nine years on the board, BAT said in its annual
report.
A BAT spokesperson declined to comment further than the content
of the annual report.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
April 09, 2019 06:37 ET (10:37 GMT)
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