Tadeu Marroco

Source: British American Tobacco

Tadeu Marroco (pictured) was appointed BAT group finance director in 2019

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British American Tobacco has appointed Tadeu Marroco as the successor to CEO Jack Bowles, who is stepping down from the board today (15 May).

Marroco joined the Lucky Strike and Camel producer in 1992 and was appointed to the tobacco giant’s 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.

BAT plans to kick off “a comprehensive search” for a new group finance director, with digital and information director Javed Iqbal taking on the role on an interim basis until a permanent successor has been appointed.

Marroco said he was “honoured” to be appointed as the group’s new boss.

“I wish to thank Jack who has been instrumental in establishing our ‘A Better Tomorrow’ strategy,” he added. “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.”

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 £3bn of revenue.

“It is now the time for a change of leadership to take the business to the next level.”

Marroco will receive an annual base salary of £1.3m as CEO, with a pension allowance of 15% and eligibility for short- and long-term bonuses.

BAT chairman Luc Jobin added: “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.”

The group’s shares opened down 0.1% to 2,705.5p this morning.

Morning update

Grocery tech firm Eagle Eye has appointed Charlotte Stranner as an independent non-executive director with immediate effect.

Bringing over 15 years’ experience in advisory and senior leadership roles across technology and financial services companies, within both the private and public sectors, Stranner is currently chief financial officer at Dianomi, an AIM-listed digital advertising company for the financial services, technology, corporate and lifestyle sectors.

She is also a non-exec on the board of Elixirr International and her previous positions include non-exec at K3 Capital before it was acquired in February 2023, partner at formerly AIM-listed MXC Capital and corporate finance director at FinnCap.

Stranner replaces Bill Currie, who retired from the board on 14 March 2023, as chair of the audit committee.

Eagle Eye chairman Malcolm Wall said: “We are delighted to welcome Charlotte to the board of Eagle Eye.

“She brings a wealth of experience in both the listed technology company arena and the adjacent world of digital advertising. We look forward to benefiting from her expertise as we work together to capitalise on the digital transformation taking place across the world of retail marketing.”

The FTSE 100 started the new week in positive territory, rising 0.3% to 7,775.52pts.

Early risers this morning include Virgin Wines UK, up 2.9% to 35.5p, Nichols, up 2.8% to 1,069p, Naked Wines, up 2.8% to 112p, and Hilton Food Group, up 1.8% to 734p.

Fallers so far include Science in Sport, down 2.9% to 13.2p, and Ocado, down 1.4% to 435p.

This week in the City

There is plenty scheduled for this week in the world of grocery, starting tomorrow with a trading update from high street baker Greggs.

Tobacco giant Imperial Brands and drinks group Britvic are also scheduled to release interims tomorrow, along with brewer and pub company Marston’s.

Shopping centre owner British Land releases annual results on Wednesday, with hospitality group Michells & Butlers to announce half-year figures - and retailer Target will publish quarterly results in the US.

Premier Foods will announce its full-year results on Thursday, with expectations for trading profits to be around £155m. Wal-Mart also follows Target in announcing its latest quarterly results.

Finally, the monthly consumer confidence index from GfK is out on Friday morning.