British American Tobacco CEO will step down

  • British American Tobacco CEO Nicandro Durante will leave the tobacco giant on April 1, 2019, the company said in a statement on Wednesday.
  • Like its Big Tobacco competitors, BAT is trying to pivot toward nicotine alternatives such as e-cigarettes and, more recently, heat-not-burn tobacco products.
Nicandro Durante, BAT CEO
BAT.com
Nicandro Durante, BAT CEO

British American Tobacco CEO Nicandro Durante will leave the tobacco giant on April 1, 2019, the company said in a statement on Wednesday.

The company has "identified a lead candidate" to take on the role and plans to make an announcement "in due course."

BAT Chief Operating Officer Jack Bowles is regarded as the front-runner to take over, though chief marketing officer Andrew Gray is also rumored to have been a contender, Sky News reported.

BAT acquired U.S.-based tobacco company Reynolds American last year. Like its Big Tobacco competitors, BAT is trying to pivot toward nicotine alternatives such as e-cigarettes and, more recently, heat-not-burn tobacco products.

Shares of BAT fell 1 percent. They've slid 30 percent this year.