Stepping Down: Imperial Brands' CEO Stefan Bomhard
Imperial Brands' CEO departs unexpectedly
Get ready for a shake-up at Imperial Brands, as current CEO Stefan Bomhard (58) announces his departure come October. Stepping into his shoes will be the company's Chief Financial Officer, Lukas Paravicini.
Investors got hit with a jolt, as this unexpected news dragged down the company's stock price on Wednesday. Fear not, though, for Bomhard won't be completely exiting the scene. He'll hang around until December 31, 2025, and will be on standby until May 2026, assisting in the transition process. It's a classy move, ensuring a smooth handover to his successor.
As Paravicini prepares to take the reins, he'll be grappling with the weighty challenge of dealing with the ever-present regulatory pressures in the tobacco industry. Don't fret, though, as he and Bomhard have already outlined a new five-year plan, targeting growth, particularly in core markets and next-generation products like e-cigarettes. If all goes to plan, they aim for a steady 5% annual profit growth, with their sights set on 2030.
So, it looks like Paravicini has his work cut out for him, but with Bomhard's guidance and the new plan in place, this company's ready to face the future head-on!
P.S. In case you're curious (and we know you are), Murray McGowan, the chief strategy and development officer, will be moving into Paravicini's old CFO position.
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In this changing landscape at Imperial Brands, Lukas Paravicini, the new CEO, will employ his leadership skills to navigate the regulatory challenges within the tobacco industry. As he takes charge, he'll focus on the implementation of a fresh five-year business plan, aiming for growth in core markets and next-generation products like e-cigarettes, striving for a steady 5% annual profit growth, with sights set on 2030.
