U.S. Markets open in 7 hrs 30 mins

British American Tobacco Names Its Next CEO

Thomas Mulier
British American Tobacco Names Its Next CEO

British American Tobacco Plc picked a 14-year company veteran to become its new chief executive officer as tobacco companies face the possibility that smoking alternatives such as electronic cigarettes will replace their traditional products. Chief Operating Officer Jack Bowles, 54, who has experience running the American, European and Asian regions for BAT, will replace Nicandro Durante, who steps down on April 1, the company said Tuesday, the same day that rival Imperial Brands Plc forecast its revenue from next-generation products could reach 1.5 billion pounds ($2 billion) in 2020. Tobacco companies are searching for cigarette alternatives that have more traction with consumers, such as Philip Morris International Inc.’s iQos product and Juul Labs Inc.’s electronic cigarettes.