- Push-out Score suggests push-out forces
- After about eight years in the position
- Praise and thanks for Durante
- No successor named
- Durante said 59 words
(exechange) — London, United Kingdom, September 20, 2018 — Nicandro Durante, chief executive of British American Tobacco, leaves his post. His departure is made public at an early stage. As announced by British American Tobacco p.l.c. in a news release on Thursday, September 20, 2018, Nicandro Durante leaves his post as chief executive officer at the tobacco company after about eight years in the role, effective April 1, 2019.
British American Tobacco did not name a replacement for the position of chief executive officer.
“The Board has been considering successors for some time and, having reviewed a strong list of internal and external candidates over the past few months, it has identified a lead candidate to succeed Nicandro. The Company will make a further announcement in due course,” British American Tobacco said.
Sky reported that chief operating officer Jack Bowles is regarded as the frontrunner although chief marketing officer Andrew Gray is also rumored to be a contender.
No reason given
In the announcement, British American Tobacco did not explicitly explain the reason for Durante’s move, leaving room for speculation.
Precise information about Durante’s future plans was not immediately available.
British American Tobacco said: “British American Tobacco p.l.c. … has announced that after nearly 37 years with the company, and eight years as CEO, Nicandro Durante has informed the Board of his intention to retire on 1 April 2019.”
Share price decline
The change follows a decline in the share price of British American Tobacco p.l.c. since January 2018.
Chaired by Richard Burrows
British American Tobacco p.l.c. is chaired by Richard Burrows.
Richard Burrows has been Chairman since 1 November 2009.
In the position of CEO since 2011
Nicandro Durante has been the Chief Executive Officer of British American Tobacco p.l.c. since March 1, 2011 and Executive Director since January 1, 2008.
Durante has extensive leadership skills developed in various senior international roles in the Group.
He originally joined the Board of British American Tobacco p.l.c. as Chief Operating Officer in January 2008 after almost two years in the role of Regional Director for Africa & Middle East.
Durante was appointed Chief Executive Designate in September 2010.
Durante, who is Brazilian / Italian, holds degrees in finance, economics and business administration.
He joined British American Tobacco’s Brazilian subsidiary Souza Cruz in 1981, after three years working in finance in two Brazilian companies and built a successful finance career.
In 1995 he was seconded to the UK head office.
In 1997 Durante was appointed Finance Director in Hong Kong before returning to Brazil in 2000 as Finance Director for Souza Cruz.
In April 2002 he was appointed President of Souza Cruz.
Durante was appointed as a Non-Executive Director of Reckitt Benckiser Group plc in December 2013.
Generally speaking, when a top manager announces to step aside with no successor available, it is a signal that the move was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Nicandro Durante’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 39.2018 ($).