British American Tobacco extends Jobin's tenure as chair to 2028

(Sharecast News) - British American Tobacco said on Tuesday that it was extending Luc Jobin's tenure as chair for up to two years until April 2028 as it continues to look for a successor.

Jobin will continue to stand for annual reelection at the company's AGM, it said.

Jobin 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 as chair.

BAT said a comprehensive chair succession process led by senior independent director Holly Keller Koeppel, together with the Nominations Committee was supported by external advisers.

Koeppel 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."

The company also said that having served on the board since July 2017, Koeppel will step down at the 2026 annual general meeting and Karen Guerra will be appointed to the role of senior independent director.