British American Tobacco Begins Hunt for New Chairman

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 [e-mail]

(END) Dow Jones Newswires

April 09, 2019 06:37 ET (10:37 GMT)

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