British American Tobacco (NYSE:BTI) confirmed on Tuesday that Soraya Benchikh has resigned as Chief Financial Officer, effective immediately, after roughly 15 months in the role.
Javed Iqbal, who served as interim finance director from May 2023 to April 2024, will return as interim CFO while the company searches for a permanent replacement.
“I am proud of my role in the significant progress since I joined BAT, as reflected in our recent results,” Benchikh said in a statement.
“Now is the right time for me to move on to my next transformation,” she added.
Following the announcement, BAT shares fell 1.7% in London trading.
Benchikh, who previously spent more than 20 years at BAT before exploring roles in other industries, rejoined the company in May 2024 as finance chief. She will continue to support the transition through the end of the year.
The departure comes weeks after BAT raised its revenue guidance to the top end of its forecast range, driven by growing demand for smokeless products and strong performance in the U.S. market. The company also reported first-half profits above expectations, helped by U.S. growth—the first in three years.
U.S. sales, representing about 44% of total group revenue, increased 3.7% at constant currency. Sales of new category products, led by Velo nicotine pouches, rose 3.9%. BAT said Velo Plus is approaching the position of the No. 2 nicotine pouch brand by value in the U.S.
Like rivals Philip Morris (NYSE:PM), Imperial Brands (LSE:IMB), and Altria (NYSE:MO), BAT continues to invest in alternatives such as vaping, heated tobacco, and oral nicotine products to offset declining cigarette sales.
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