Altadis has announced that it will propose a change of board structure at its AGM on 29 June, which will end its current co-chairman system.

It is proposed that Jean-Dominique Comolli, the French co-chairman since 1999 and former chief executive of Seita, will become chairman of the Altadis Board. Antonio Vazquez, recently appointed as the Spanish co-chairman following the appointment of Pablo Isla, will assume a new role, that of CEO.
Mr Vazquez will assume direct operational control of the business, with oversight of each division. Previously Mr Comolli had taken responsibility for cigarettes, and the Spanish co-chairman oversaw cigars and logistics. Morgan Stanley analysts understand that Mr Comolli’s role will be close to that of a traditional ‘British’ board chairman. The board’s statement is positioning this as a natural step to be taking five years after the creation of Altadis, when the co-chairmanships and board memberships were split exactly in half between French (ex-Seita) and Spanish (ex-Tabacalera) representatives. (ms)