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Iain Napier: takes up position as Board Chairman in the New Year |
UK. Imperial Tobacco Group has confirmed that Iain Napier will succeed Derek Bonham as Board Chairman on 2 January as part of a planned succession at senior Board level.
“I would once again like to thank Derek for his excellent leadership and guidance since our listing as an independent company in 1996,” said Joint Vice Chairman Anthony Alexander. “He has presided over a period of tremendous change for Imperial Tobacco Group, during which time we have transformed from a predominantly UK business into the world’s fourth-largest international tobacco company. It has been a pleasure to work alongside him and I wish him continued success in the future.”
As indicated in the initial Board announcement in May, Napier – who was appointed as a Non-Executive Director in 2000 – will step down from the Audit Committee. His position as Chairman of the Remuneration Committee will be taken by Pierre Jungels, who will also be made Senior Independent Director.
“Iain is committed to building on this success,” Alexander added. “His international and FMCG experience, combined with the leadership and guidance he has given the Board over the years, make him ideally placed to lead us into our second decade of independence and to continue the impressive track record established under Derek’s chairmanship.”
Bonham said: “I would like to thank Tony (Alexander) most warmly for his support as Vice Chairman over the past ten years and for the contribution he has made to the success of the company. I am confident that in the very capable hands of Iain, Pierre and their Board colleagues, the business will continue to achieve sustainable growth and create further value for its shareholders.”
Alexander will remain on the Board until the conclusion of the company’s 2008 Annual General Meeting, at which time he intends to retire. The company said that, “to ensure the continued appropriate balance of the Board”, it has begun the process of appointing a further independent Non-Executive Director.
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