Tant to Retire From Imperial Brands

Imperial Brands Chief Financial Officer Oliver Tant will retire from the company once a successor is found, reports Reuters.

The move comes just a month after Stefan Bomhard, a former executive of car dealer Inchcape joined the cigarette maker as chief executive officer.

In May, Imperial Brands cut dividend for the first time since listing in 1996 as it looks to save cash amid the coronavirus pandemic and reduce its £14 billion ($18.31 billion) debt.

Imperial Brands is reportedly looking for an external replacement for Tant, who has been CFO since November 2013.

Imperial Brands reported revenue of £35.56 billion ($47.16 billion) in its fiscal year 2020, up from £31.59 billion in 2019. Its operating profit was £2.73 billion, compared with £2.2 billion the previous year. On an adjusted basis, the company’s revenue was £7.99 billion in 2020, down 0.1 percent from 2019. Adjusted operating profit was £3.53 billion, against £3.74 billion the previous year.

While benefiting from strong tobacco volumes, Imperial Brands said it suffered from a sub-optimal product and market mix in 2020. However, a more disciplined approach in next-generation products reduced second-half losses after a disappointing first six months, the company added.