TOUGHER REGULATIONS
New finance boss for British American Tobacco in hazy climate
British American Tobacco (BAT) has named a new finance director, continuing a management overhaul as it confronts a tougher US regulatory landscape and competition in smoking alternatives. Finance chief Ben Stevens will be succeeded by Tadeu Marroco in August, following the planned retirement of CEO Nicandro Durante in April. The latest move came as the company reported full-year sales in line with analysts’ expectations but failed to stem investors’ concerns about its outlook. BAT says it is confident in its ability to manage proposals by the US Food and Drug Administration to restrict sales of flavoured e-cigarettes and ban menthol cigarettes. However, other challenges loom, including the appeal of a class-action court case in Quebec in Canada involving smokers who said they were never warned of the risks. A ruling is expected on Friday. The company also pushed back a target for revenue of £5bn ($6.7bn) from next-generation products to 2023/2024 from 2023. That raised questions ab...
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