Imperial Brands is expected to announce that Mark Williamson will step down as chairman of the tobacco group in the coming months on the back of the introduction of more stringent corporate governance rules.
The Times understands that the cigarette maker has been engaged in succession planning over Mr Williamson’s tenure, which exceeds new guidance of nine years, and could soon confirm his resignation.
At last week’s annual meeting in Bristol, shareholders speaking for almost 18 per cent of votes cast voted against his re-election, although much of the opposition is believed to have been due to fears of “overboarding” — taking on too many other boardroom posts — by the chairman.
The FTSE 100 group is one of the world’s biggest tobacco companies, whose