British American Tobacco (BATS) CFO quits after 15 months - Javed Iqbal returns as interim as U.S. ops grow for first time in 3 years

British American Tobacco (LON: BATS) has announced that Soraya Benchikh has left her role as chief financial officer with immediate effect after roughly 15 months in the job. The exit was described by the company as an immediate departure, with Benchikh remaining available to help during the handover through the end of the year.

Stepping into the gap is Javed Iqbal, who returns as interim CFO. Iqbal previously acted as interim finance director between May 2023 and April 2024, so this is familiar ground for him. The company said it will run a search for a permanent successor while Iqbal holds the post.

Benchikh's path at the group has been a bit of a loop: more than two decades at the business originally, a spell away in other industries, then a comeback last May to take the top finance job. Her public line was that the timing felt right for her to move on to "the next transformation" in her career.

Operationally, BAT reported first-half results in July that beat expectations and flagged that its U.S. operations had grown for the first time in three years - notable since the U.S. is its biggest single market. The company has pointed to shifting consumer preferences and new U.S. tariffs as factors shaping that recovery.

From a trading perspective this is a governance and execution story. A CFO departure after a short tenure exposes BAT to headline risk and questions about financial continuity, yet the quick appointment of a familiar interim finance chief reduces the immediate gap. The H1 profit beat and signs of U.S. pickup sit on the other side of the ledger - positives that complicate the read on any knee-jerk market move.

How long the company takes to find a permanent finance chief will be watched closely; succession timelines and the person they appoint will matter for near-term narrative and earnings credibility.