British American Tobacco PLC (LSE:BATS) has named Tadeu Marroco as its new CEO, replacing Jack Bowles with immediate effect.
Marroco has been with the tobacco company since 1992 and joined the board as finance director in 2019, according to a statement.
He has also held roles as the regional director and transformation director at the FTSE 100 company.
His annual base salary will be £1,343,700, and he will receive a pension allowance of 15% of his annual salary, in line with the wider UK workforce.
He will also be eligible to participate in the company’s short and long-term incentive schemes.
Marroco is also required to build up a shareholding that is equal to 500% of his salary.
“My commitment as the new chief executive will be to nurture the passion in BAT for our people, our consumers and our brands. My management team and I will continue to build an increasingly agile and progressive BAT,” said Marroco.
The search for a new finance director is under way, although Javed Iqbal, the current director of digital and information, will undertake the role on a temporary basis.