British American Tobacco (BAT) named insider Jack Bowles to succeed Nicandro Durante as CEO on Tuesday, giving him the task of adapting to new tobacco formats as smoking declines. "I am confident that we will take full advantage of these opportunities as we accelerate the transformation of BAT into a stronger multi-category tobacco and nicotine products company," Bowles said in a statement noting his appointment. Shares in the maker of Lucky Strike and Dunhill cigarettes fell more than 2% and were the top loser on the UK blue-chip index following the appointment of Bowles, who is chief operating officer of BAT's international business. Bowles joined the world's second-biggest international tobacco company by revenue in 2004 and has worked in the Western Europe, Americas and Asia-Pacific regions. He will become CEO designate on November 1 and join the board on January 1. Durante plans to retire on April 1 after nearly 37 years with BAT. Although its shares have risen about 50% during...

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