Tobacco giant BAT hunts for Burrows successor
British American Tobacco (BAT), the owner of brands including Dunhill and Camel, is hunting for a new chairman to succeed Irish incumbent, Richard Burrows.
Mr Burrows, a former MD of Irish Distillers, has been chairman of the tobacco giant for almost 10 years. He was the boss at Irish Distillers, whose brands include Jameson, when it was acquired by French drinks-maker Pernod Ricard in 1988 following a hostile takeover attempt by Guinness owner Grand Metropolitan, which later became Diageo.
In 2000, he was appointed co-CEO at the French group.
Mr Burrows (73) was paid £680,000 at BAT last year, while additional benefits brought the total to £796,000 (€923,000). BAT has a market capitalisation of £66.1bn (€76.6bn).
"The chairman will have served as a director for just over nine years at the time of the 2019 AGM," noted BAT in its most recent annual report.
It added: "The committee has given careful consideration to director transitions to ensure orderly board succession and has prioritised effective succession planning for the executive and the finance director which takes effect during 2019.
"In the forthcoming year, the committee will be focused on succession planning for the chairman and will have close regard to the requirements of the new Corporate Governance Code."
It's been reported that the FTSE-100 firm, has hired Korn Ferry to find a successor to Mr Burrows who is also a former governor and non-executive director of BoI and a Carlsberg board member.