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Investing.com -- British American Tobacco (LON:BATS) (NYSE:BTI) said Tuesday that Chief Financial Officer Soraya Benchikh has stepped down with immediate effect after about 15 months in the role.
Javed Iqbal, who previously served as interim finance director from May 2023 to April 2024, will return as interim CFO while the company searches for a permanent replacement.
“I am proud of my role in the significant progress since I joined BAT, as reflected in our recent results,” Benchikh said in a statement.
“Now is the right time for me to move on to my next transformation,” he added.
The company’s shares slid 1.7% lower in London trading after the announcement.
Benchikh spent more than 20 years at BAT before working in other industries and rejoined in May 2024 as finance chief. She will remain available to support the transition until year-end, the company said.
The announcement comes weeks after BAT raised its revenue outlook to the top end of its forecast range, citing rising demand for smokeless products and strength in the U.S. market.
The company also posted better-than-expected first-half profit, helped by its U.S. unit growing for the first time in three years.
U.S. sales, which account for around 44% of group revenue, rose 3.7% at constant currency. Sales of new category products, led by its Velo nicotine pouches, grew 3.9%. BAT said Velo Plus is close to becoming the No. 2 nicotine pouch brand by value in the U.S.
Like rivals Philip Morris (NYSE:PM), Imperial Brands (LON:IMB) and Altria (NYSE:MO), BAT is investing heavily in alternatives such as vaping, heated tobacco and oral nicotine to offset declining cigarette sales.