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TOP NEWS: Long-Serving Imperial Brands Boss Cooper To Stand Down

(Alliance News) - Imperial Brands PLC said Thursday Chief Executive Officer Alison Cooper will ...

Alliance News 3 October, 2019 | 7:51AM
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(Alliance News) - Imperial Brands PLC said Thursday Chief Executive Officer Alison Cooper will leave the FTSE 100-listed cigarette maker once a successor has been appointed.

Imperial Chair Mark Williamson thanked Cooper - boss since 2010, having been at the firm for two decades - for having "worked tirelessly and with great energy and passion" and the "tremendous contribution" she made to the company.

"During her tenure as CEO the business has been significantly simplified and reshaped to strengthen its long-term growth potential, and more than GBP10 billion in dividends has been returned to shareholders," Williamson added. "I am pleased that Alison has committed to continue to lead the business until a successor is appointed, ensuring an orderly transition of responsibilities."

Cooper will remain at the business until a new boss is chosen, in the meantime continuing to focus on the asset divestment programme at the company. Imperial is targeting GBP2 billion in disposal proceeds by May 2020.

Last week, Imperial Brands cut its revenue guidance due to a challenging vaping and e-cigarette market in the US.

Imperial predicted net revenue growth for its financial year, which ended on Monday, would be 2%, down from its previous 2.5% growth forecast.

Imperial noted that the US next-generation product environment had "deteriorated" over the last quarter in the wake of increased regulation, with Massachusetts last week temporarily banning the sale of all forms of e-cigarettes - the first state to enact an outright ban.

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Imperial Brands PLC 1,765.20 GBX -0.55

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