British American Tobacco’s CFO Soraya Benchikh has stepped down with immediate effect, just over a year after taking on the role. Interim CFO Javed Iqbal will lead the finance function as the company searches for a permanent successor.
British American Tobacco (BAT) announced on Tuesday that its Chief Financial Officer, Soraya Benchikh, has stepped down with immediate effect, marking a sudden leadership change just over a year into her tenure.
The company did not provide a reason for Benchikh’s departure but said she will remain available to support the transition until December 31, 2025.
Javed Iqbal, currently BAT’s Director of Digital & Information, has been appointed interim CFO. He previously served in the same capacity between May 2023 and April 2024, prior to Benchikh’s appointment in May 2024.
The company said a formal search process is now underway to identify a permanent replacement.
“Soraya has made a significant contribution to BAT, having worked in various roles within the Group over many years,” said CEO Tadeu Marroco. “We wish her all the best with her future plans.”
Benchikh’s return to BAT last year was widely viewed as a strategic appointment. Before rejoining as CFO, she served as President of Europe at Diageo and had previously held multiple senior roles at BAT, including President of BAT France and Area Director for East & Southern Africa.
Benchikh’s financial leadership experience and deep familiarity with the company made her an integral part of BAT’s executive team during a critical period of transformation.
While the company reiterated that it remains “firmly on track” to deliver its full-year guidance, the timing and abrupt nature of the announcement have raised concerns in the market. BAT shares fell 1.3% in early trading on Tuesday.
“There is no suggestion of anything amiss in the company’s statement,” noted AJ Bell Investment Director Russ Mould. “But sudden CFO exits often raise eyebrows. Investors may be unsettled by the departure of a finance leader who had only recently taken on the role and was seen as instrumental in driving performance improvements.”
The leadership change comes shortly after BAT reported interim results that were slightly ahead of expectations. Marroco reaffirmed the company’s strategy to deliver a “profitable transformation” by 2026, with further updates expected in December’s pre-close trading statement.
For now, the focus will shift to stabilizing the finance function under Iqbal’s interim leadership and ensuring a smooth handover while the board works to identify a long-term successor.