British American Tobacco (BAT) has announced Nicandro Durante, CEO of the company for the last eight years, has notified the Board that he is planning on retiring 1 April 2019, the company said in a press release.

Durante has been a part of the company for almost 37 years. The Board has not announced Durante’s successor yet, but said that it has found a top candidate after looking at numerous contenders for the position, according to the press release.
Durante was quoted as saying, “It has been a privilege to have led such a great company for the last eight years. We now have a growing potentially reduced-risk product business fully embedded in our organisation and the integration of Reynolds has been successfully completed. I shall stay in place for the next six months to ensure an orderly handover to my successor.”
Chairman of BAT, Richard Burrow, commented on Durante’s retirement, saying, “Nicandro has been an outstanding Chief Executive. He was the architect of the current strategy to transform the business and, with the successful establishment of BAT’s potentially reduced-risk products business and the acquisition of Reynolds American Inc., he has created a stronger, truly global tobacco and nicotine business. Through this period of great change, Nicandro has substantially grown the business, delivering consistent strong growth in both earnings and dividends during his tenure.”
Burrow went on to thank Durante for his “exceptional leadership” and said the company is currently in a better position to “deliver long term sustainable growth” for BAT’s shareholders due to Durante’s leadership.
The company said that it would announce Durante’s successor in due time.