Duo Director exit at BAT following a resignation and retirement
British American Tobacco, Retail

British American Tobacco Plc. Zambia announced the exit of two Directors from the company effective 30th April 2019.

BAT is a major distributor of cigarettes in Zambia and one of the two companies that have opened factories in Lusaka’s MFEZ which has had a positive impact on the company’s revenues as the move cooled off tax implications of importing finished product.

BAT Zambia announced on 17th May that the Directors would be resigning from the company effective 30 April 2019 and the position affected included the Director Finance and that on a Non-Executive Director.

In accordance with Section 3.59 of the Lusaka Securities Exchange Listings Requirements (“LuSE Listings Requirements”), the Board of Directors of British American Tobacco (“the Company” or “BATZ”) (the “Board”) wishes to announce the resignation of Mr Nigel Curran as Finance Director of the Company and Executive Director of the Board effective 30 April 2019”, read a statement published on SENS on 17th May on the LuSE Website. “Mr Curran is relocating to the Republic of South Africa where he will take up a different role within the Group”.

Nigel had held the position of FD from April 1st 2016, according to Reuter’s company profile on BAT Zambia’s executive. Prior to his appointment as Finance Director and Director of BAT Zambia, Mr. Curran worked for British American Tobacco South Africa where he held various senior roles in Finance and Business Projects

The second Director to exit is Alexander Carpenter, who had served as Non-Executive Director of British American Tobacco (Zambia) Plc since September 8, 2016. “Alexandre Carpenter is a Brazilian economist that has been working for BAT over the last 21 years”, read his background profile on Reuters. “He has been working in Brazil, Mexico and over the last 4 years in Cuba as Country Manager of BAT. Since August 2016 he started working in Mozambique as GM of a cluster that is responsible for Mozambique, Zambia, Zimbabwe and Malawi”.

In the case of Alexandre, the Board indicated that he would be retiring from his role and made no indication of what was his next move following his exit.

The board has wasted no time to replace these two important portfolios. “The Board would like to announce the appointment of Mr Michael Ellis as Finance Director of the Company and Executive Director of the Board and Mr Alejandro Riomayor as Non-Executive Director of the Board effective 30 April 2019”, further read the statement from the company.

Michael emanates from the BAT Cape Town office where he was serving as Senior Manager Corporate Finance. The choice is interesting coming from the Cape Town Office. Cape Town has been instrumental in ensuring the Zambian outfit is financial fit for purpose. According to their abridged financials published on SENS published 7th August 2018, the company was able to settle most of its short term liabilities due to key suppliers following a boost in working capital after securing an intercompany loan intended to ease pressure on the cash flows during the continued construction of the factory which is now operational effective end of 2018.

Alejandro has been a loyal servant of BAT has served the company for 23 years, according to his linked in profile. His most recent appointment was serving as General Manager Southern African Markets. He too comes from the Cape Town office.

It is very clear from the dual appointment that Cape Town has a wealth of talent BAT can tap into in order to beef up its African team.

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