Imperial Brands CEO Alison Cooper to step down
Imperial Brands said on Thursday that chief executive Alison Cooper will step down once a suitable successor has been found, after nine years in the job and 20 at the company
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While the search for a successor continues, Cooper will focus on driving the performance of the business, including the asset divestment programme, which is expected to realise proceeds of up to £2bn by May 2020.
Chairman Mark Williamson said: "During her tenure as CEO the business has been significantly simplified and reshaped to strengthen its long-term growth potential, and more than £10 billion in dividends has been returned to shareholders.
"I am pleased that Alison has committed to continue to lead the business until a successor is appointed, ensuring an orderly transition of responsibilities."
Russ Mould, investment director at AJ Bell, said: "Chief executives can change for various reasons. Sometimes the boss simply decides they’ve done everything they can and it’s a natural point at which to pass the baton. Other times they leave to take a job at a bigger business.
"But often you’ll see a change at the top because a company is going through turmoil, and that is exactly what’s happening with Imperial Brands.
"The cigarette maker, like many of its peers, has bet on smokeless products for the future of its business. Unfortunately regulatory and political pressure has been so intense that the shift to next generation products has been problematic.
"Imperial Brands’ shares have halved in value since May 2017 and so it seemed inevitable that Cooper would be replaced if the trend continued to be negative.
"The US is also experiencing a large number of CEO changes. August saw the highest number of CEO departures in any individual month in 17 years. The more cynically-minded may wonder whether some American executives are getting out while the going is still good, given how the stock market has been so strong."
At 1115 BST, the shares were flat at 1,829.40p.