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BAT announces Tadeu Marroco as Chief Executive
British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
("British American Tobacco p.l.c." or "the Company")
15 May 2023
This announcement contains inside information
British American Tobacco p.l.c. (the “Company” or “BAT”)
BAT announces Tadeu Marroco as Chief Executive
The Board announces the appointment of Tadeu Marroco as Chief Executive of BAT plc to succeed
Jack Bowles who is stepping down from the Board of Directors with effect from 15 May.
Tadeu joined BAT in 1992 and was appointed to the BAT plc Board in 2019 as Group Finance
Director. He has also served on the BAT Management Board since 2014, with previous roles
including Regional Director for Europe and North Africa, and Group Transformation Director. A
comprehensive search for a new Group Finance Director will now commence. Javed Iqbal, who has
had an extensive finance career in the Group, and is currently Director, Digital and Information,
takes on the role of interim Group Finance Director until a permanent successor has been appointed.
Luc Jobin, Chair, said:
“Since our A Better Tomorrow strategy was articulated in 2019, we have achieved clear momentum
in our New Categories business, have established leadership in key markets and expect to deliver
New Categories profitability earlier than originally planned. During this time we have also continued
to deliver solid financial results and have returned over £20bn to our shareholders. 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. We are confident that
under his leadership we will further strengthen our relationships with key stakeholders and continue
to build A Better Tomorrow and deliver long-term sustainable value for our shareholders.”
Tadeu Marroco said:
“I am honoured to be appointed as Chief Executive of BAT. I wish to thank Jack who has been
instrumental in establishing our A Better Tomorrow strategy. Having been at the centre of the
formulation of this 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.
“Throughout my 30-year career with this great company, inclusivity and collaboration have always
been at the heart of my leadership approach. My commitment as the new Chief Executive will be to
nurture the passion in BAT for our people, our consumers and our brands. My Management Team
and I will continue to build an increasingly agile and progressive BAT.”
Jack 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. As I leave, I thank all my colleagues and the Board for their
support and dedication to this strategy and to the transformation of the business which we
achieved. After 20 years in the company I look forward to my next steps. I wish my successor Tadeu,
who has been our Group Finance Director for four years, and the great team at BAT, all the success
to continue the journey. Given the quality of BAT’s talent pipeline, I am confident that BAT will
continue to be successful.”
The person responsible for making this announcement on behalf of the Company is P McCrory,
Company Secretary.
Supplementary Information - Remuneration
Tadeu Marroco will receive a remuneration package which will comprise a basic salary, variable
incentive arrangements and benefits which are fully in line with the Company’s current Directors’
Remuneration Policy. The key elements of the package are as follows:
• He will receive an annual base salary of £1,343,700.
• He will receive a pension allowance of 15% of annual base salary in line with the
contribution level for the wider UK workforce, and other benefits in line with
relevant existing policies.
• He will be eligible to participate in the Company's existing short-term and long-
term incentive schemes in line with and subject to deferral in line with the
Directors’ Remuneration Policy.
Malus and clawback are applicable to the variable remuneration arrangements.
His share ownership requirement will be in line with the Company's existing policy, requiring that he
build up ownership of a shareholding that is equal to 500% of salary. This is subject to a formal post-
employment shareholding requirement for two years after departure from the Company.
Further detail will be set out in the Directors Remuneration Report within 2023 Annual Report and
Form 20-F.
In accordance with section 430(2B) of the Companies Act 2006, information in respect of Jack
Bowles departure from the Board will be available on bat.com in due course and will remain
available until the Company’s Directors’ Remuneration Report in the Annual Report and Form 20-F
for the year ended 31 December 2023 is made available.
All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy
approved by shareholders at the AGM in April 2022.
ENDS
Enquiries
Media Centre
+44 (0) 20 7845 2888 (24 hours) | @BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845 2012
John Harney: +44 (0)20 7845 1263
About BAT
BAT is a leading, multi-category consumer goods business with a purpose to build A Better
Tomorrow™ by reducing the health impact of its business through offering a greater choice of
enjoyable and less risky products for adult consumers.
The company continues to be clear that combustible cigarettes pose serious health risks, and the
only way to avoid these risks is not to start or to quit. BAT encourages those who would otherwise
continue to smoke to switch completely to scientifically-substantiated, reduced-risk alternatives*†.
In order to deliver this, BAT is transforming into a truly consumer-centric multi-category consumer
products business.
BAT’s ambition is to have 50 million consumers of its non-combustible products by 2030 and to
generate £5billion of New Categories revenue by 2024. BAT has set stretching ESG targets including
achieving carbon neutrality for Scopes 1 & 2 by 2030 and eliminating unnecessary single-use plastic
and making all plastic packaging reusable, recyclable or compostable by 2025.
BAT employs over 50,000 people. The BAT Group generated revenue of £27.65 billion in 2022 and
profit from operations of £10.5 billion.
The company’s Strategic Portfolio is made up of its global cigarette brands and a growing range of
reduced-risk*† New Category tobacco and nicotine products and traditional non-combustible
tobacco products. These include vapour, tobacco heating products, modern oral products including
tobacco-free nicotine pouches, as well as traditional oral products such as snus and moist snuff. In
2022, we had 22.5 million consumers of our non-combustible products, a rise of 4.2 million on full
year 2021.
* Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are
not risk free and are addictive.
† Our vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain products, including Velo, Grizzly,
Kodiak, and Camel Snus, which are sold in the U.S., are subject to FDA regulation and no reduced-risk claims will
be made as to these products without agency clearance.
Forward-looking statements
This release contains certain forward-looking statements, including "forward-looking" statements
made within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These
statements are often, but not always, made through the use of words or phrases such as "believe,"
"anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "predict," "will," "expect,"
"estimate," "project," "positioned," "strategy," "outlook", "target" and similar expressions. These
include statements regarding our customer target ambition, New Categories revenue targets and
our ESG targets.
All such forward-looking statements involve estimates and assumptions that are subject to risks,
uncertainties and other factors. It is believed that the expectations reflected in this release are
reasonable but they may be affected by a wide range of variables that could cause actual results
to differ materially from those currently anticipated. A review of the reasons why actual results and
developments may differ materially from the expectations disclosed or implied within forward-
looking statements can be found by referring to the information contained under the headings
“Cautionary Statement” and "Group Principal Risks " in the 2021 Annual Report and Form 20-F of
British American Tobacco p.l.c. (BAT).
Additional information concerning these and other factors can be found in BAT's filings with the
U.S. Securities and Exchange Commission ("SEC"), including the Annual Report on Form 20-F and
Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website,
http://www.sec.gov and BAT’s Annual Reports, which may be obtained free of charge from the BAT
website www.bat.com.
Past performance is no guide to future performance and persons needing advice should consult
an independent financial adviser. The forward-looking statements reflect knowledge and
information available at the date of preparation of this release and BAT undertakes no obligation
to update or revise these forward-looking statements, whether as a result of new information,
future events or otherwise. Readers are cautioned not to place undue reliance on such forward-
looking statements.
JSE Sponsor: Merrill Lynch South Africa (Pty) (Ltd) t/a BofA Securities
Date: 15-05-2023 08:00:00
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