Wrap Text
BAT Appoints Chief Financial Officer
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. (the "Company")
British American Tobacco p.l.c. (the "Company" or "BAT")
9 April 2026
BAT Appoints Chief Financial Officer
Dragos Constantinescu will join BAT as Chief Financial Officer and Executive Director with effect
from 1 September 2026.
Dragos is currently serving as CEO of Asahi Europe & International, having been with Asahi
Breweries since 2019. During his time at Asahi Breweries, Dragos has also held a number of other
senior leadership roles across Europe including Managing Director, Czech, Slovakia, Germany &
Austria and Managing Director, Romania & Hungary. Prior to this, Dragos spent 16 years at BAT,
where he held senior finance and general management roles, including as General Manager,
Central Europe North and Finance Director and General Manager, BAT Poland.
Javed Iqbal will continue to serve as Interim Chief Financial Officer until Dragos' appointment,
following which Javed will continue in his role as Director, Digital & Information.
Luc Jobin, Chair of the Board, commented:
"I am pleased to welcome Dragos to BAT as Chief Financial Officer and Executive Director. He
brings a strong combination of financial expertise, broad enterprise leadership and international
experience in both Nicotine and the wider FMCG sector. Dragos also brings deep experience across
transformation, strategy and growing an international business, which, together with his
collaborative leadership, represent important qualities for the Board and management team at
BAT. "
Tadeu Marroco, Chief Executive, commented:
"Dragos joins the Management Board at an important stage in BAT's transformation. His
international experience alongside a strong understanding of BAT will be key assets as we continue
to focus on quality growth, the sustainable delivery of our mid-term growth algorithm and robust
cash returns.
I wish to thank Javed for his contribution as Interim Chief Financial Officer, alongside his ongoing
role as Director, Digital and Information. His continued commitment to the delivery of our Fit2Win
savings and digital transformation fuels our progress towards A Better Tomorrow."
Dragos Constantinescu commented:
"I am excited to be rejoining BAT as Chief Financial Officer. BAT has a clear transformation strategy
and is building positive momentum in its transformation toward A Better Tomorrow. I look forward
to working with Tadeu, the Board and the management team to help shape and support BAT's
strategic priorities through this transformation, while ensuring disciplined execution and strong
returns to shareholders."
There is no other information that is required to be disclosed under UKLR 6.4.8.
ENDS
Enquiries
Media Centre
press_office@bat.com | @BATplc
Investor Relations
Victoria Buxton | ir_team@bat.com
Supplementary information
Remuneration
Dragos Constantinescu will be appointed with a base salary of £820,000 per annum. All other
elements of his remuneration will be consistent with the terms of the Directors' Remuneration
Policy approved by shareholders at the AGM in April 2025. Further details will be set out in the 2026
Directors' Remuneration Report.
Replacement awards will be made covering the value of lost short and long-term incentive awards
in order to facilitate recruitment, which are in line with the Director's Remuneration Policy.
Replacement awards will be made subject to malus and clawback provisions.
About BAT
BAT is a leading global consumer goods company committed to accelerating the transition to a
Smokeless World and reshaping its portfolio for long term sustainability. Its portfolio spans
cigarettes and a rapidly growing range of smokeless alternatives, including Vapour, Heated
Products and Modern Oral nicotine pouches.
The Company aims to reach 50 million adult consumers with its Smokeless Products by 2030 and
for these products to deliver 50% of Group revenue by 2035. As of 31 December 2025, BAT's
smokeless brands – Vuse, glo and Velo – were used by over 31 million adult consumers worldwide,
many of whom have completely switched from – or have reduced their consumption of –
cigarettes. Smokeless Products accounted for 18.2% of Group revenue.
BAT employs more than 47,000 people and in 2025 generated £25.6bn in revenue. Backed by
Omni™, its evidence based manifesto for change, the Company continues to strengthen its
scientific capabilities across systems toxicology, clinical and behavioural research, and post market
studies.
Alongside transforming its portfolio, BAT is advancing efforts to reduce its environmental footprint
and support positive social impact across its value chain. In 2025, the Company received a Triple A
rating from CDP for its disclosures on Climate Change, Water Security and Forests.
References to "BAT", "the Company", "Group", "we", "us" and "our" when denoting opinion refer to
British American Tobacco p.l.c. and when denoting business activities refer to British American
Tobacco p.l.c. and its subsidiaries, collectively or individually as the case may be. Collective
expressions used in connection with business activities are used for convenience only and do not
imply any other relationship between what are separate and distinct legal entities. For more
information, please visit www.bat.com and www.asmokelessworld.com.
Forward-looking statements
This release contains certain forward-looking statements, including "forward-looking" statements made
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are often,
but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may,"
"would," "should," "intend," "plan," "potential," "predict," "will," "expect," "estimate," "project," "positioned,"
"strategy," "outlook", "target", "being confident" and similar expressions. These include statements regarding
our intentions, beliefs or current expectations concerning, amongst other things, our results of operations,
financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances
occurring from time to time in the countries and markets in which the Group operates. In particular, these
forward-looking statements include, among other statements, statements regarding our expectation to
meet our consumer target ambitions by 2030, New Categories revenue targets by 2035 and our sustainability
targets.
All such forward-looking statements involve estimates and assumptions that are subject to risks,
uncertainties and other factors. It is believed that the expectations reflected in this release are reasonable
but they may be affected by a wide range of variables that could cause actual results to differ materially
from those currently anticipated. A review of the reasons why actual results and developments may differ
materially from the expectations disclosed or implied within forward-looking statements can be found by
referring to the information contained under the headings "Forward looking statements" and "Key
Information—Risk Factors" in the 2025 Annual Report on Form 20-F of BAT.
Additional information concerning these and other factors can be found in BAT's filings with the U.S.
Securities and Exchange Commission ("SEC"), including the 2025 Annual Report on Form 20-F and Current
Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov and
BAT's Annual Reports, which may be obtained free of charge from the BAT website www.bat.com.
Past performance is no guide to future performance and persons needing advice should consult an
independent financial adviser. The forward-looking statements reflect knowledge and information available
at the date of preparation of this release and BAT undertakes no obligation to update or revise these
forward-looking statements, whether as a result of new information, future events or otherwise. Readers are
cautioned not to place undue reliance on such forward-looking statements.
9 April 2026
Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
Date: 09-04-2026 08:00:00
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