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CFO
Business Honor
26 August, 2025
BAT’s CFO exits abruptly; interim CFO steps in in the middle of continued market optimism.
British American Tobacco (BAT), the global tobacco giant behind brands like Dunhill and Lucky Strike, announced the sudden departure of its Chief Financial Officer, Soraya Benchikh, effective immediately. The company confirmed that Javed Iqbal, a senior finance executive within BAT, will take over as temporary CFO while a search for a permanent replacement begins.
Benchikh returned to BAT as Chief Financial Officer in May 2024, having previously dedicated approximately 20 years to the company in multiple positions. Her exit comes shortly after BAT reported strong financial results in July, including better than expected in the first half profits and revenue growth in its U.S. business in the first in three years. Despite the abrupt leadership change, investor sentiment remains positive. On platforms like Stocktwits, retail traders continue to express bullish confidence in BAT’s future. The shares of BAT have increased more than twofold since the beginning of 2024 and reached an all-time high last week.
BAT has been navigating changing consumer habits, with smoking rates declining. However, its smokeless product strategy has shown success. The organization is making significant investments in alternatives such as vapes and nicotine pouches. During the initial half of 2025, more than 18% of BAT's revenue was derived from these "new category" products, particularly within the U.S. market.
The organization intends to engage 50 million consumers of smokeless products by the year 2030 and expects that these products will constitute 50% of its total revenue by 2035. Transitions in the Chief Financial Officer position frequently generate apprehensions; however, the recent performance of the company and robust market growth seem to have improved investor concerns. With Javed Iqbal currently managing the financial aspects, BAT aims to sustain its progress as it evolves into a more diversified tobacco enterprise.