Tobacco group Imperial Brands Plc said on Thursday Chief Finanical Officer Oliver Tant will retire from the company once a successor is found.
The move comes just a month after Stefan Bomhard, a former executive of car dealer Inchcape Plc, joined the Winston and Gauloises Blondes cigarette maker as chief executive officer.
It also follows the company’s move in May to cut dividend for the first time since listing in 1996 as it looks to save cash amid the coronavirus pandemic and reduce its 14 billion pound debt.
Imperial said Bomhard and the board are looking for an external replacement for Tant, who has been CFO since November 2013.
He will be eligible for a bonus for 2019-20, which will be paid 50% in cash and the rest in deferred shares. If he works into 2021, he would also be eligible for a pro-rated bonus, the company said.
He was eligible to earn a maximum of 4.25 million pounds ($5.59 million), which included his fixed pay, bonus and long-term investment plan in 2019, according to Imperial’s annual report.
Tant, who turned 59 on Wednesday, will continue to get his base salary, pension and benefits through to his retirement, the company said.
Imperial shares were down 1.5% in early trading, lower than the broader FTSE’s 1% decline.
($1 = 0.7602 pounds)
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