According to various reports, the chief executive officer of British American Tobacco will be stepping down in the coming year as the sector is having a hard time with the decline in its share price which is prompted by investor concerns regarding the slowing growth of the sales of the company.
This evening, Sky News reported that Nicandro Durante, the British American Tobacco boss, will be leaving the firm after seven years of serving in the top job. It also reported that he is likely to be replaced by an internal candidate. Jack Bowles, the current chief operating officer of the company, is rumoured as a front-runner for the position. Even though Andrew Gray, the chief marketing officer, is also rumoured to have been a strong contender for the said role,
In the past 12 months, the shares of the firm have dropped by nearly a quarter. It was the result of a declining growth in tobacco products and the uncertainty over the alternative products, which includes VYPE, its vaping brand.
The news comes 18 months following the announcement of the firm of a $49.9 billion (£34.2bn) takeover of the maker of Pall Mall and Camel cigarettes, Reynolds.
During his time at the company, Durante has led the company to a number of acquisitions in an attempt to expand the “next generation” of products. It included the takeover of Ten Motives, an e-cigarette brand.
British American Tobacco was not immediately available for comment outside of its business hours.