BAT replaces Oberlander as boss of Reynolds American

British American Tobacco said Ricardo Oberlander would step down as the boss of its Reynolds US business and would be replaced by fellow BAT veteran Guy Meldrum.

Oberlander will leave the FTSE 100 cigarette company at the end of August after 31 years at the group. The Brazilian took over as president of Reynolds American in 2018 after BAT bought the US company.

Meldrum, the regional director for BAT's Asia-Pacific and Middle East business, will take over from Oberlander on 1 September. He has worked at BAT, whose brands include Lucky Strike and Dunhill, for 26 years.

The US is BAT's biggest market and accounts for about 40% of group revenue. BAT said Oberlander, a member of the management board for seven years, was leaving to pursue other opportunities.

Chief Executive Jack Bowles said: "I am grateful for the drive and leadership that Ricardo has brought to the group throughout his career and for leaving the Reynolds American business in such robust shape."

BAT reported better-than-expected first-half profit on Friday supported by strong US consumer demand for its cigarettes and vaping products. The company is reported to be the subject of a US criminal investigation into suspected sanctions breaches.

Medrum will be replaced by Michael Dijanosic, who is area director for Asia-Pacific and has worked at BAT for more than 20 years. He will join the management board.

Bowles said: "Michael has held a number of senior leadership roles in Asia-Pacific across different markets and has been a member of the regional leadership team since 2012. This in-depth knowledge of the region positions him extremely well to succeed Guy."

BAT shares rose 0.4% to £25.60.5 at 08:19 BST.