(Reuters) -British American Tobacco, the maker of Lucky Strike and Dunhill cigarettes, said on Tuesday that its finance chief Soraya Benchikh is stepping down with immediate effect, after about 15
BAT's CFO Soraya Benchikh Resigns Unexpectedly Amid Financial Growth
Impact of CFO Resignation on BAT
By Yadarisa Shabong
Market Reaction
(Reuters) -British American Tobacco, the maker of Lucky Strike and Dunhill cigarettes, said on Tuesday that its finance chief Soraya Benchikh is stepping down with immediate effect, after about 15 months in the role.
Future Strategy
Shares in the FTSE 100 company, which gained more than 80% during Benchikh's tenure, fell as much as 2.8% in early trade.
BAT in July reported first-half profit ahead of expectations as its U.S. business grew for the first time in three years, a potential turnaround in its largest market as new U.S. tariffs are introduced and consumer preferences shift.
"This is an unfortunate turn of events given that (Benchikh) had made a generally good impression to date," said analysts at Panmure Liberum.
JPMorgan analysts said the change in CFO was "unexpected", with investors welcoming BAT's improved financial discipline and the resumption of share buybacks.
Benchikh had spent more than two decades at BAT before departing to work in other industries. She returned in May 2024 to take up the chief financial officer role.
"Now is the right time for me to move on to my next transformation," said Benchikh, who will remain available to support the transition until the end of the year.
Javed Iqbal will take on the role of interim CFO, a post he held previously from May 2023 to April 2024.
"With the right strategy we intend to continue to deliver on the profitable transformation of BAT," CEO Tadeu Marroco said in a statement.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Mrigank Dhaniwala, Kirsten Donovan)
