British American Tobacco (LSE:BATS) announced on Tuesday that Soraya Benchikh has stepped down as Chief Financial Officer, effective immediately, after approximately 15 months in the position.
Javed Iqbal, who previously acted as interim finance director from May 2023 to April 2024, will return to serve as interim CFO while the company searches for a permanent successor.
“I am proud of my role in the significant progress since I joined BAT, as reflected in our recent results,” Benchikh said in a statement.
“Now is the right time for me to move on to my next transformation,” she added.
Following the announcement, BAT shares fell 1.7% in London trading.
Benchikh, who spent more than two decades at BAT before gaining experience in other industries, rejoined the company in May 2024 as finance chief. She will remain available to assist with the transition until the end of the year.
The news comes shortly after BAT raised its revenue guidance to the upper end of its forecast, citing increased demand for smokeless products and strong performance in the U.S. market. The company also delivered first-half profits above expectations, buoyed by growth in its U.S. business—the first increase in three years.
U.S. sales, which represent roughly 44% of BAT’s total revenue, climbed 3.7% at constant currency. Sales of new category products, led by the Velo nicotine pouches, increased 3.9%. BAT noted that Velo Plus is nearing the position of the No. 2 nicotine pouch brand by value in the U.S.
Like its competitors Philip Morris (NYSE:PM), Imperial Brands (LSE:IMB), and Altria (NYSE:MO), BAT continues to invest heavily in alternative products—including vaping, heated tobacco, and oral nicotine—to counteract declining cigarette sales.
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