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British American Tobacco Announces Finance Director’s Retirement
British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
("British American Tobacco p.l.c." or "the Company")
28 February 2019
BRITISH AMERICAN TOBACCO ANNOUNCES FINANCE DIRECTOR’S RETIREMENT
British American Tobacco p.l.c. (BAT) announces that, after 30 years with the Company and 11 years
as Finance Director, Ben Stevens has informed the Company of his intention to step down as Finance
Director on reaching the age of 60 and will retire from the Board on 5 August 2019.
Ben will be succeeded as Finance Director by Tadeu Marroco, currently Director, Group
Transformation. Prior to his appointment on 5 August 2019, Tadeu will be appointed as Deputy
Finance Director with effect from 1 March 2019, in addition to his current role.
Tadeu joined BAT in Brazil 26 years ago. Having been Regional Finance Controller, EEMEA, and Group
Finance Controller, he was appointed to the Management Board in September 2014 as Director,
Business Development. In December 2016 he was appointed Regional Director, Western Europe,
becoming Regional Director, Europe and North Africa in January 2018, before taking up his current
role in January 2019.
Richard Burrows, Chairman of BAT, said: “Throughout his long and varied career at BAT, Ben
contributed an enormous amount to making BAT the Company it is today. In particular, Ben has been
an outstanding Finance Director who has been instrumental in ensuring that the Company has, over
many years, delivered consistent earnings and dividend growth. I am confident that BAT is now well
positioned to take advantage of today’s exciting future opportunities with its potentially reduced risk
products. On behalf of the Board, I would like to thank Ben for his leadership and his invaluable
contribution to the Company over the past 30 years.”
“I would also like to welcome Tadeu to the Board. His success as a Regional Director and the broad
experience he has gained in other roles over his 26-year career with BAT makes him ideally placed to
assist our CEO Jack Bowles as we accelerate our transformation agenda.”
Commenting on his decision to retire, Ben Stevens said: “In my 30 years with BAT, I have lived
through many changes and I am proud to have been part of the management team that has turned
BAT into the dynamic and truly international multi category tobacco and nicotine company that it is
today.
I am particularly pleased that the Board has decided to appoint Tadeu as my successor and am
confident that he will play a key role in delivering our ambition to transform our Company and our
industry.”
Notes to Editors
Ben Stevens – career at BAT
1990: Takes up first role with BAT as Regional Finance Controller for East Africa and South Asia.
1992: Becomes Regional Finance Controller for BAT’s Europe area.
1994: Moves to BAT Switzerland where he takes up a variety of roles in the Marketing function.
1995: Becomes Chairman and Managing Director of Pakistan Tobacco Company.
1997: Takes up the role of Chairman and Managing Director with BAT Russia.
1998: Moves back to the UK to take up the role of Head of Corporate Affairs for BAT .
2000: Becomes Head of Merger Integration, overseeing the £7bn integration between BAT and
Rothmans.
2001: Joins the BAT Management Board as Development Director, responsible for the Smoking
Tobacco and Cigars division, Mergers & Acquisitions, IT, Corporate Strategy and e-business ventures.
2004: Becomes Regional Director for BAT’s Europe area.
March 2008: Takes a seat on the BAT Board before becoming Group Finance Director the following
month.
August 2019: Retires as Finance Director.
About British American Tobacco
British American Tobacco is one of the world’s leading, multi-category consumer goods companies,
that provides tobacco and nicotine products to millions of consumers around the world.
It employs over 55,000 people, with market leadership in over 55 countries and factories in 42. Its
Strategic Portfolio is made up of its global cigarette brands and an increasing range of potentially
reduced-risk products, comprising vapour and tobacco heating products, as well as oral tobacco and
nicotine products such as modern white oral products and more traditional products such as moist
snuff and snus.
Enquiries:
Press Office
Anna Vickerstaff / George Parker
+44 (0) 20 7845 2888 (24 hours) | @BATPress
Investor Relations
Mike Nightingale / Rachael Brierley / John Harney
+44 (0) 20 7845 1180 / 1519 / 1263
Sponsor: UBS South Africa (Pty) Ltd
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