Sky News is reporting that British American Tobacco is in the process of picking headhunters as it prepares to start the search for a new board chairman. Luc Jobin, a Canadian business veteran, has chaired BAT since 2021 but has been on the board since 2017. Under UK corporate governance guidelines, directors are no longer deemed independent if they have served for more than nine years.
Sky News said the search for his successor is not expected to conclude until later this year or early 2026, according to insiders.
With a market capitalization of over £77bn, BAT remains one of the largest companies listed on the London Stock Exchange. The company’s continued success is being fueled by next-generation products such as Velo nicotine pouches.
BAT declined to comment to Sky News.
