Durante to retire

British American Tobacco’s CEO Nicandro Durante (pictured) is to retire next year.
In a note posted on its website, the company said that Durante, who had been with the company for 37 years, eight as CEO, had told its board that he intended to retire on April 1.
Richard Burrows, chairman of BAT, described Durante as an outstanding chief executive.
‘He was the architect of the current strategy to transform the business and, with the successful establishment of BAT’s potentially reduced-risk products business and the acquisition of Reynolds American Inc., he has created a stronger, truly global tobacco and nicotine business,’ Burrows said. ‘Through this period of great change, Nicandro has substantially grown the business, delivering consistent strong growth in both earnings and dividends during his tenure.’
Durante said it had been a privilege to have led ‘such a great company’ for the past eight years. ‘We now have a growing potentially reduced-risk product business fully embedded in our organisation and the integration of Reynolds has been successfully completed.’
The note said that the board had identified a lead candidate to succeed Durante and that the company would make a statement ‘in due course’.