British American Tobacco PLC
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British American Tobacco PLC
British American Tobacco is a global tobacco company that sells cigarettes, heated tobacco products, vaping products, and oral nicotine brands. Its best-known products are everyday consumer goods bought by adult smokers and nicotine users through convenience stores, supermarkets, tobacco shops, and other retail channels. The company also owns major international cigarette brands and a growing set of non-combustible nicotine products aimed at shifting consumers away from traditional smoking. The company makes money by manufacturing these products and selling them through wholesalers, distributors, and retailers. Its customers are mainly adult consumers, but its direct business relationships run through store chains, distributors, and duty-free and travel retail channels that stock its brands. Pricing, brand loyalty, and access to large-scale distribution are central to how it earns money, because tobacco products are typically purchased repeatedly and carry strong brand recognition. What makes British American Tobacco distinct is that it sits at the center of the nicotine market, with a business built on both legacy cigarettes and newer reduced-risk formats. That gives it a mix of cash-generating mature brands and newer products that it is trying to expand over time. The industry is highly regulated and taxed, so the company’s role is less about making many different products and more about managing a small number of powerful brands, shelf space, and compliance across many countries.
British American Tobacco is a global tobacco company that sells cigarettes, heated tobacco products, vaping products, and oral nicotine brands. Its best-known products are everyday consumer goods bought by adult smokers and nicotine users through convenience stores, supermarkets, tobacco shops, and other retail channels. The company also owns major international cigarette brands and a growing set of non-combustible nicotine products aimed at shifting consumers away from traditional smoking.
The company makes money by manufacturing these products and selling them through wholesalers, distributors, and retailers. Its customers are mainly adult consumers, but its direct business relationships run through store chains, distributors, and duty-free and travel retail channels that stock its brands. Pricing, brand loyalty, and access to large-scale distribution are central to how it earns money, because tobacco products are typically purchased repeatedly and carry strong brand recognition.
What makes British American Tobacco distinct is that it sits at the center of the nicotine market, with a business built on both legacy cigarettes and newer reduced-risk formats. That gives it a mix of cash-generating mature brands and newer products that it is trying to expand over time. The industry is highly regulated and taxed, so the company’s role is less about making many different products and more about managing a small number of powerful brands, shelf space, and compliance across many countries.
In line: BAT said first-half results were in line with expectations, with growth led by the U.S. and strong momentum in new categories, especially Modern Oral.
Guidance: Full-year EPS guidance was upgraded to the middle of the 5% to 8% range, while revenue and operating profit are still expected at the lower end of the guided range.
New categories: Smokeless now makes up 19.8% of group revenue, up 160 basis points year over year, as Velo and Vuse continue to drive most of the growth.
U.S. focus: Management said U.S. combustibles outperformed in H1, but expects a more moderate second half as it increases investment and laps positive inventory movements.
Capital returns: The company expects to be within its 2 to 2.5x leverage target by year-end and reaffirmed a GBP 1.3 billion share buyback for 2026.
Management
Tadeu Luiz Marroco is a prominent figure in the corporate world, particularly known for his leadership role at British American Tobacco PLC (BAT). He has been an integral part of BAT, having served in various senior positions that have leveraged his expertise in finance and corporate strategy. Mr. Marroco joined BAT in 1992 and has since built a comprehensive career within the company. Over the years, he has held key leadership roles, including Regional Director for Europe and North Africa, Group Director of Strategy and Planning, and Group Financial Controller. These roles have equipped him with a broad understanding of international markets and the internal mechanisms of one of the world's leading tobacco companies. He has demonstrated strong strategic and financial acumen, which has been instrumental in driving BAT's growth and overseeing its complex multi-market operations. Mr. Marroco has consistently focused on delivering sustainable business practices and financial performance, making significant contributions to the organization’s strategic initiatives and expanding BAT's global footprint. His leadership style is characterized by a focus on innovation and transformation, ensuring that the company adapts to the evolving market demands while maintaining its competitive edge.
Mr. Marroco joined BAT in 1992 and has since built a comprehensive career within the company. Over the years, he has held key leadership roles, including Regional Director for Europe and North Africa, Group Director of Strategy and Planning, and Group Financial Controller. These roles have equipped him with a broad understanding of international markets and the internal mechanisms of one of the world's leading tobacco companies.
He has demonstrated strong strategic and financial acumen, which has been instrumental in driving BAT's growth and overseeing its complex multi-market operations. Mr. Marroco has consistently focused on delivering sustainable business practices and financial performance, making significant contributions to the organization’s strategic initiatives and expanding BAT's global footprint.
His leadership style is characterized by a focus on innovation and transformation, ensuring that the company adapts to the evolving market demands while maintaining its competitive edge.
As of the latest information available, Soraya Benchikh is the Finance Director for British American Tobacco (BAT) in Malaysia. She holds a significant position within the company, contributing her extensive experience in finance and leadership to her role. Soraya Benchikh has a strong background in finance and has accumulated considerable experience in various multinational corporations before joining BAT. She has held various financial leadership positions, demonstrating her expertise in strategic financial planning, auditing, and internal controls. Her leadership skills and financial acumen have been critical in driving the financial strategies and operations within her capacity. At BAT, Soraya Benchikh is responsible for overseeing financial operations in Malaysia, shaping the financial strategies to align with the company’s overall objectives, and ensuring robust financial management practices. Her role involves working closely with other members of the executive team to ensure the company's financial health and operational efficiency. This profile reflects her role and responsibilities in the corporate setting, demonstrating her importance in the financial sector within BAT.
Soraya Benchikh has a strong background in finance and has accumulated considerable experience in various multinational corporations before joining BAT. She has held various financial leadership positions, demonstrating her expertise in strategic financial planning, auditing, and internal controls. Her leadership skills and financial acumen have been critical in driving the financial strategies and operations within her capacity.
At BAT, Soraya Benchikh is responsible for overseeing financial operations in Malaysia, shaping the financial strategies to align with the company’s overall objectives, and ensuring robust financial management practices. Her role involves working closely with other members of the executive team to ensure the company's financial health and operational efficiency.
This profile reflects her role and responsibilities in the corporate setting, demonstrating her importance in the financial sector within BAT.
Mr. David Waterfield is an executive at British American Tobacco (BAT) PLC, where he has played a significant role in shaping the company's strategic direction. His career at BAT reflects a strong commitment to innovation and leadership within the tobacco industry. Waterfield has held various influential positions within the company, contributing to BAT's global marketing and product development strategies. Throughout his tenure, Waterfield has been instrumental in driving initiatives aimed at reducing the health risks associated with tobacco use, aligning with the company's vision of transforming tobacco through the development of potentially reduced-risk products. His efforts have been crucial in overseeing key projects and ensuring the successful integration of innovative technologies into BAT's product portfolio. Waterfield's leadership is marked by his ability to navigate the complex regulatory environments of the tobacco industry, ensuring compliance while also pushing for industry advancement. His work has helped BAT maintain its competitive edge and adapt to evolving consumer preferences, particularly in the areas of vaping and non-combustible products. Overall, Mr. David Waterfield's impact at British American Tobacco is characterized by his strategic foresight and dedication to guiding the company toward a sustainable future, balancing commercial interests with a commitment to public health.
Throughout his tenure, Waterfield has been instrumental in driving initiatives aimed at reducing the health risks associated with tobacco use, aligning with the company's vision of transforming tobacco through the development of potentially reduced-risk products. His efforts have been crucial in overseeing key projects and ensuring the successful integration of innovative technologies into BAT's product portfolio.
Waterfield's leadership is marked by his ability to navigate the complex regulatory environments of the tobacco industry, ensuring compliance while also pushing for industry advancement. His work has helped BAT maintain its competitive edge and adapt to evolving consumer preferences, particularly in the areas of vaping and non-combustible products.
Overall, Mr. David Waterfield's impact at British American Tobacco is characterized by his strategic foresight and dedication to guiding the company toward a sustainable future, balancing commercial interests with a commitment to public health.
Kingsley Wheaton is a prominent executive at British American Tobacco (BAT) PLC, a leading global company in the tobacco and nicotine industry. He has held various senior positions during his tenure with the company. Wheaton has played a significant role in shaping BAT's strategic direction, particularly in the areas related to next-generation products and marketing. Most notably, Kingsley Wheaton has served as the Chief Marketing Officer (CMO), where he was instrumental in driving forward the commercial performance of BAT’s diverse portfolio. His leadership encompassed the development and promotion of BAT's new category products, such as vaporizers and other reduced-risk products, as the company seeks to adapt to the declining traditional tobacco market and address evolving consumer preferences. Wheaton's career at BAT has been marked by his commitment to innovation and transformation, ensuring BAT remains competitive in an industry that is undergoing significant change due to regulatory pressures and societal shifts towards healthier lifestyle choices. His educational and professional background supports his expertise in international marketing, strategic planning, and product development, making him a key figure in BAT's ongoing evolution and response to market trends.
Most notably, Kingsley Wheaton has served as the Chief Marketing Officer (CMO), where he was instrumental in driving forward the commercial performance of BAT’s diverse portfolio. His leadership encompassed the development and promotion of BAT's new category products, such as vaporizers and other reduced-risk products, as the company seeks to adapt to the declining traditional tobacco market and address evolving consumer preferences.
Wheaton's career at BAT has been marked by his commitment to innovation and transformation, ensuring BAT remains competitive in an industry that is undergoing significant change due to regulatory pressures and societal shifts towards healthier lifestyle choices. His educational and professional background supports his expertise in international marketing, strategic planning, and product development, making him a key figure in BAT's ongoing evolution and response to market trends.
Johan Vandermeulen serves as the Regional Director for Europe and North Africa at British American Tobacco (BAT) PLC. In his role, Vandermeulen is responsible for overseeing operations, driving business strategy, and ensuring sustainable growth across these key regions. Vandermeulen has been with BAT for several years and has developed a deep understanding of the tobacco industry, working in various leadership positions that have contributed to his extensive experience in managing large-scale operations and navigating complex market environments. Before becoming the Regional Director, Vandermeulen held a variety of leadership positions within the company, demonstrating his strategic insight and capability to drive business success. His roles included marketing and operational functions, where he focused on enhancing product portfolios and optimizing market performance. Under his leadership, BAT has continued to innovate and adapt to changes in consumer behavior and regulatory landscapes, reinforcing its position as a leading player in the global tobacco industry. Vandermeulen is recognized for his strong leadership skills, commitment to transforming BAT's operations, and promoting a culture of excellence within the organization. His contribution to the company is characterized by a focus on pushing the company's agenda for reduced-risk products and ensuring alignment with broader business objectives.
Before becoming the Regional Director, Vandermeulen held a variety of leadership positions within the company, demonstrating his strategic insight and capability to drive business success. His roles included marketing and operational functions, where he focused on enhancing product portfolios and optimizing market performance.
Under his leadership, BAT has continued to innovate and adapt to changes in consumer behavior and regulatory landscapes, reinforcing its position as a leading player in the global tobacco industry. Vandermeulen is recognized for his strong leadership skills, commitment to transforming BAT's operations, and promoting a culture of excellence within the organization. His contribution to the company is characterized by a focus on pushing the company's agenda for reduced-risk products and ensuring alignment with broader business objectives.
Jerome B. Abelman is a distinguished executive at British American Tobacco PLC (BAT). He serves as the Director of Legal and External Affairs and General Counsel, having joined the company in 2005. In his role, Abelman is responsible for overseeing BAT's legal, regulatory, and external affairs strategies globally. His expertise is crucial in navigating the complex legal landscape and ensuring compliance with regulatory standards across various markets. Abelman's extensive legal background is evidenced by his previous experience as an international business lawyer. Before joining BAT, he worked at Lovells (now Hogan Lovells), a prominent global law firm, where he specialized in commercial litigation and dispute resolution. His robust understanding of legal frameworks and strategic acumen has significantly contributed to BAT's ability to operate within the regulatory confines of the tobacco industry. At BAT, Abelman has played an instrumental role in addressing significant regulatory challenges and enhancing the company's relationship with stakeholders. His leadership in legal and external affairs helps the company maintain its competitive edge while adhering to industry regulations and advocating for its business interests. Overall, Abelman's expertise and leadership are vital to the strategic operations of British American Tobacco.
Abelman's extensive legal background is evidenced by his previous experience as an international business lawyer. Before joining BAT, he worked at Lovells (now Hogan Lovells), a prominent global law firm, where he specialized in commercial litigation and dispute resolution. His robust understanding of legal frameworks and strategic acumen has significantly contributed to BAT's ability to operate within the regulatory confines of the tobacco industry.
At BAT, Abelman has played an instrumental role in addressing significant regulatory challenges and enhancing the company's relationship with stakeholders. His leadership in legal and external affairs helps the company maintain its competitive edge while adhering to industry regulations and advocating for its business interests. Overall, Abelman's expertise and leadership are vital to the strategic operations of British American Tobacco.
Paul McCrory is a notable executive associated with British American Tobacco PLC (BAT). In his role, he has been influential in the company's operations and strategy. With extensive experience in the tobacco industry, Paul McCrory has contributed to the company's efforts to adapt and thrive in a rapidly changing market environment, especially as BAT explores new product segments and seeks to meet evolving consumer preferences. His leadership at BAT has been marked by a focus on sustainability and innovation, reflecting the company's broader commitment to these goals. As a senior leader, his work involves engaging with both internal teams and external stakeholders to drive growth and ensure regulatory compliance across various markets.
James Barrett is an executive at British American Tobacco PLC, serving as the Group Operations Director. He has been with the company for several years, contributing significantly to its supply chain and operational strategies. Barrett is known for his extensive experience in the tobacco industry and his focus on driving efficiency and innovation in operations. Under his leadership, British American Tobacco has implemented various initiatives to enhance production processes, optimize supply chains, and integrate sustainability measures. His role involves overseeing the global manufacturing footprint, logistics, and procurement functions, ensuring that the company's operations align with its strategic objectives.
Luciano Comin is the Chief Transformation Officer at British American Tobacco (BAT). With a robust background in senior leadership positions within the tobacco industry, he is instrumental in driving the company's transformation initiatives. Luciano's career at BAT includes a variety of roles that have seen him influence strategic direction and operational efficiency across different markets. His leadership is pivotal in BAT's efforts to innovate and adapt in a rapidly evolving industry, focusing on sustainability and new categories beyond traditional tobacco products. His expertise lies in managing large-scale organizational changes and fostering a culture of innovation to align with contemporary consumer trends and regulatory landscapes.
Mihovil Dijanošić is a prominent figure at British American Tobacco (BAT) PLC, where he serves as the Regional Director for Europe. Having joined BAT in 1998 as a management trainee, Dijanošić has risen through the ranks over the years, thanks to his extensive experience in the tobacco industry and strong leadership skills. Throughout his career at BAT, he has held various senior roles in marketing and general management across multiple geographies, including in Europe, the Middle East, and Asia-Pacific regions. As Regional Director for Europe, Dijanošić is responsible for overseeing the company’s strategic operations and business performance across the European market. He plays a crucial role in driving the growth and transformation of BAT's product portfolio towards reduced-risk products, aligning with the company’s commitment to providing consumers with greater choice through tobacco harm reduction. Dijanošić holds a degree in Economics from a reputable university and has furthered his expertise with several executive development programs. His leadership is characterized by a strong focus on innovation, sustainability, and consumer-centric strategies, making significant contributions to BAT's vision of building A Better Tomorrow.
As Regional Director for Europe, Dijanošić is responsible for overseeing the company’s strategic operations and business performance across the European market. He plays a crucial role in driving the growth and transformation of BAT's product portfolio towards reduced-risk products, aligning with the company’s commitment to providing consumers with greater choice through tobacco harm reduction.
Dijanošić holds a degree in Economics from a reputable university and has furthered his expertise with several executive development programs. His leadership is characterized by a strong focus on innovation, sustainability, and consumer-centric strategies, making significant contributions to BAT's vision of building A Better Tomorrow.
