Imperial Brands picks Stefan Bomhard as new chief executive
UK tobacco firm Imperial Brands has named Stefan Bomhard, the boss of car dealership Inchcape, as its new chief executive.
Bomhard will replace Alison Cooper, whose departure was announced in October and who today stepped down with immediate effect.
The new chief executive’s main task will be to boost profits following weak full-year results amid “tough trading” in its vaping division.
November’s results followed a profit warning in September that led to Cooper stepping down after 20 years with the tobacco giant, nine of those in the top job.
Chair of the board Therese Esperdy said: “Stefan has significant experience across multiple consumer sectors and within large multinational organisations, particularly in brand building and consumer-led sales and marketing.”
“Stefan’s initial priorities will be to strengthen performance and enhance shareholder value.”
She added that on behalf of the board she would “like to thank Alison for the enormous contribution she has made to Imperial over her 20-year career with the company”.
Bomhard was appointed chief executive of Inchcape in 2015, having previously held senior roles at Bacardi, Cadbury, Unilever, Diageo and Procter & Gamble.
He said: “I’m delighted to be joining Imperial.” He added that he is looking forward to building “a stronger, more sustainable business”.
Imperial and other tobacco companies faced problems in 2019 from a crack-down on vaping – the smoking of electronic cigarettes – which US President Donald Trump has called a “problem”.
The Bristol-based company has put in place a new strategy for 2020, building “a more tightly focused business model” and focusing on growth markets.