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Board Update – Chair Extension and Senior Independent Director Appointment
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" or "BAT")
10 February 2026
Board Update – Chair Extension and Senior Independent Director Appointment
The Company announces that, following a comprehensive Chair succession process, the Board has
decided to extend Luc Jobin's tenure as Chair. This extension is for a period of up to two years until
the Company's Annual General Meeting (AGM) in April 2028, during which the search process will
continue with the aim of appointing a new Chair within that time. Luc will continue to stand for annual
re-election at the Company's AGM.
Luc was appointed to the Board in July 2017, and as Chair in April 2021. In July 2026, he will have
served nine years on the Board, including five years as Chair. A comprehensive Chair succession
process led by Holly Keller Koeppel, the Senior Independent Director, together with the Nominations
Committee was supported by external advisers.
Holly Keller Koeppel, Senior Independent Director, said:
"Luc is a proven and respected Chair who continues to lead the Board effectively whilst providing
thoughtful challenge and support to management through the delivery of the Group's transformation
agenda. Luc's prior service on the Board means that an extension beyond July 2026 would represent
a departure from the UK Corporate Governance Code nine-year tenure recommendation. The Board
continues to be committed to maintaining high standards of corporate governance and recognises the
importance of Board refreshment. Having run a thorough succession process, evaluating a number of
credible candidates against the Board's criteria including effective global leadership at scale and the
skills we are seeking to lead BAT through its continued transformation, the Board concluded that
extending Luc's tenure is in the best interests of BAT at this time. An extension period of up to two
years removes uncertainty during this important phase of the Group's transformation, while providing
the Nominations Committee with sufficient flexibility to appoint the right candidate for BAT."
Having served on the Board since July 2017, Holly Keller Koeppel will step down from the Board at the
conclusion of the 2026 AGM and Karen Guerra will be appointed to the role of Senior Independent
Director, subject to re-election. Karen has been closely involved in the Chair succession process to
date and is well placed to lead the refreshed search process and support an orderly transition.
Luc Jobin, Chair, commented:
"I would like to thank Holly for her extensive contribution to the Board, including as Senior
Independent Director and Chair of the Audit Committee before that. We wish her well in her future
board endeavours. I look forward to welcoming Karen as Senior Independent Director. Her experience
and insight will be invaluable as the search for my successor continues."
Enquiries
Media Centre
press_office@bat.com | @BATplc
Investor Relations
Victoria Buxton | IR_team@bat.com
10 February 2026
Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
Date: 10-02-2026 11:00:00
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