BAT has appointed Tadeu Marroco as CEO to succeed Jack Bowles, who is stepping down from the board of directors May 15.
Marroco joined BAT in 1992 and was appointed to the BAT board in 2019 as group finance director. He has also served on the BAT management board since 2014, with previous roles including regional director for Europe and North Africa and group transformation director. A comprehensive search for a new group finance director will now commence. Javed Iqbal, who has had an extensive finance career in the group and is currently the director of digital and information, will take on the role of interim group finance director until a permanent successor has been appointed.
“Since our ‘A Better Tomorrow’ strategy was articulated in 2019, we have achieved clear momentum in our New Categories business, have established leadership in key markets and expect to deliver New Categories profitability earlier than originally planned,” said BAT chair Luc Jobin in a statement. “During this time, we have also continued to deliver solid financial results and have returned over £20 billion [$25.03 billion] to our shareholders. On behalf of the board, I would like to thank Jack for his significant contribution as chief executive during this important period.
“To fully deliver on our transformation in a fast-changing environment, we must continue to evolve as a high-performing and agile consumer goods company. In considering succession, the board recognized Marroco’s outstanding track record of developing teams that deliver on our transformation alongside a consistent focus on strong execution and financial performance. We are confident that under his leadership we will further strengthen our relationships with key stakeholders and continue to build A Better Tomorrow and deliver long-term sustainable value for our shareholders.”
“I am honored to be appointed as chief executive of BAT. I wish to thank Jack, who has been instrumental in establishing our A Better Tomorrow strategy,” said Marroco. “Having been at the center of the formulation of this strategy, I am convinced that this is the right strategic path for BAT. In this dynamic environment, I remain firmly committed to focusing on results delivery through executional excellence.
“Throughout my 30-year career with this great company, inclusivity and collaboration have always been at the heart of my leadership approach. My commitment as the new chief executive will be to nurture the passion in BAT for our people, our consumers and our brands. My management team and I will continue to build an increasingly agile and progressive BAT.”
“It has been my privilege to lead BAT since 2019,” said Bowles. “In the last four years, we have set out to transform the business toward ‘A Better Tomorrow’ through a focus on growth of New Category consumer brands, which account for almost £3 billion of revenue. It is now the time for a change of leadership to take the business to the next level.”
In considering succession, the board recognized Tadeu’s outstanding track record of developing teams that deliver on our transformation alongside.
“As I leave, I thank all my colleagues and the board for their support and dedication to this strategy and to the transformation of the business which we achieved. After 20 years in the company I look forward to my next steps. I wish my successor Marroco , who has been our group finance director for four years, and the great team at BAT, all the success to continue the journey. Given the quality of BAT’s talent pipeline, I am confident that BAT will continue to be successful.”