Smoking pays for BAT chief Nicandro Durante, as report shows his salary rose 37%
British American Tobacco (BAT) CEO Nicandro Durante received a 37% pay increase to £11.4m, the cigarette company’s annual report for 2017 released on Thursday showed. Chief financial officer Ben Stevens received a 35% pay increase to £6.6m. BAT’s share price fell as much as 5.3% to R634.50 following the release of the report. The acquisition of US tobacco group Reynolds American helped BAT grow its revenue 38% to more than £20bn in 2017. What the group has traditionally referred to as its "global drive brands" — Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans — will be expanded to a "strategic portfolio" that includes "next-generation products" encompassing vapour, and chewing tobacco. "In the US, American Snuff Company’s volume of moist snuff was 228-million cans in the period since the acquisition of Reynolds American. Total moist market share was up 100 basis points on 2016 to 34.4%, primarily due to Grizzly, a leading US moist snuff brand, benefiting from its strength in the...
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