British American Tobacco said Tuesday that Chief Financial Officer Soraya Benchikh is stepping down with immediate effect, after 15 months in the role.
The maker of Lucky Strike cigarettes named Javed Iqbal, its director of digital and information, as interim CFO while it seeks a permanent replacement.
According to the company, Mr. Iqbal previously served as its interim finance director for a year until April 2024.
Ms. Benchikh, who rejoined the company in May 2024, will remain available to support the transition until the end of the year.
In a statement, Ms. Benchikh said, "Now is the right time for me to move on to my next transformation."
Chief Executive Tadeu Marroco reaffirmed that the company is on track to deliver its full-year guidance.
The departure was announced on the same day BAT launched a tender offer to buy back up to 1 billion euros of its securities.
The company said the move is intended to proactively manage its hybrid capital portfolio.
The management change also follows a recent filing showing investor Spring Mountain Investments Ltd had cut its stake in the company to 2.8% from 3.95%.
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British American Tobacco announced Tuesday that Chief Financial Officer Soraya Benchikh is stepping down after 15 months in the role, effective immediately.