BAT CFO Soraya Benchikh resigns after 15 months

Investing.com - British American Tobacco (LON:BATS) (NYSE:BTI) announced Tuesday that Chief Financial Officer (CFO) Soraya Benchikh is stepping down effective immediately after nearly 15 months in office.

Javed Iqbal, who previously served as interim CFO from May 2023 to April 2024, will return again as interim CFO while the company searches for a permanent director.

Benchikh said in a statement: “I am proud of my role in the significant progress that has been made since joining BAT. This progress has been reflected in our final results.”

Benchikh added: “Now is the right time to move on to my next transformation.”

Following the announcement, the company's shares lost 1.7 percent in London trading.

Benchikh had worked in other industries after more than 20 years at BAT and returned to the company in May 2024 as finance director. Benchikh will be available to support the transition process by the end of the year, the company said.

This announcement comes a few weeks after BAT raised its revenue forecast to the upper end of its forecast range, citing increased demand for smokeless products and strong performance in the US market.

The company also announced better-than-expected first-half profit as its US unit grew for the first time in three years.

US sales, which account for about 44 per cent of group revenue, rose 3.7 per cent at the constant rate. Sales of new category products, led by Velo nicotine pouches, grew 3.9 percent. BAT noted that Velo Plus is close to becoming the No. 2 nicotine pouch brand in the United States by value.

Like competitors such as Philip Morris, Imperial Brands and Altria, BAT is investing heavily in alternatives such as e-cigarettes, heated tobacco and oral nicotine to offset declining cigarette sales.

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