British American Tobacco Extends Luc Jobin's Tenure as Chair

British American Tobacco p.l.c. (LSE:BATS) has announced the extension of Luc Jobin’s tenure as Chair for up to two additional years, allowing him to remain in the role until the company’s Annual General Meeting (AGM) in April 2028. This decision follows a comprehensive succession review led by outgoing Senior Independent Director Holly Keller Koeppel and the Nominations Committee, with assistance from external advisers. Jobin, who joined the board in July 2017 and became Chair in April 2021, will exceed the UK Corporate Governance Code’s recommended nine-year tenure limit when he reaches his ninth anniversary on the board in July 2026.

British American Tobacco extends chair Jobin’s tenure until 2028 By Investing.comBAT Extends Chair, Updates Board MovementWall Street Journal

The board's decision to extend Jobin's tenure is aimed at ensuring leadership continuity during a critical period of transformation for the company. Koeppel stated, “Luc is a proven and respected Chair who continues to lead the Board effectively whilst providing thoughtful challenge and support to management through the delivery of the Group’s transformation agenda.” The board concluded that extending Jobin’s tenure "is in the best interests of BAT at this time," despite it being a departure from established governance recommendations.

British American Tobacco extends chair Jobin’s tenure until 2028 By Investing.com

While the extension allows for stability, it raises questions regarding adherence to governance standards. The UK Corporate Governance Code recommends that board chairs serve no more than nine years to ensure fresh perspectives and independence. Jobin's continued leadership will provide flexibility in appointing a suitable successor while mitigating uncertainty during the ongoing transformation of the company.

BAT Extends Chair, Updates Board Movement

Koeppel, who has been on the board since July 2017, will step down after the 2026 AGM. Karen Guerra is set to take over as Senior Independent Director, subject to re-election, and will lead the ongoing chair succession process. Jobin expressed gratitude for Koeppel’s contributions and acknowledged Guerra’s experience as "invaluable" in the search for his successor.

British American Tobacco extends chair Jobin’s tenure until 2028 By Investing.com

The decision to extend Jobin's tenure has drawn scrutiny from governance advocates who emphasize the importance of adhering to established guidelines. Critics argue that extending a chair's term beyond the recommended limit could undermine the board's independence and effectiveness. The balance between continuity and governance standards remains a point of contention among stakeholders.

British American Tobacco extends chair Jobin’s tenure until 2028 By Investing.com

• “Luc is a proven and respected Chair who continues to lead the Board effectively whilst providing thoughtful challenge and support to management through the delivery of the Group’s transformation agenda,” — Holly Keller Koeppel, Outgoing Senior Independent Director

British American Tobacco extends chair Jobin’s tenure until 2028 By Investing.com

• “is in the best interests of BAT at this time” — British American Tobacco Board Statement

British American Tobacco extends chair Jobin’s tenure until 2028 By Investing.com

This extension of Luc Jobin's tenure reflects British American Tobacco's strategic focus on maintaining leadership stability during a transformative phase, while also navigating the complexities of corporate governance.

Wall Street Journal