Imperial Brands seeks new CFO as Tant quits

The FTSE 100 cigarette maker said Tant, who turned 59 on Wednesday, would retire as chief financial officer once a suitable replacement was found.

Tant made his decision a month after Stefan Bomhard joined as chief executive. The maker of Winston and John Player Special cigarettes cut its dividend by a third in May, the first reduction since Imperial became a public company in 1996. The group agreed to sell its premium cigars business in April for €1.2bn to reduce its £14bn of debt.

Imperial said Bomhard and the board were looking outside the company for a "high-calibre" replacement to help improve performance and create long-term value. Tant's departure is a further move in a shake-up at Imperial after Bomhard arrived from Inchcape to replace Alison Cooper and Matthew Phillips stepped down as chief development officer.

Chair Therese Esperdy said: "On behalf of the board, I would like to thank Oliver for the contribution he has made during his seven years with Imperial."

Imperial has been hit by a crackdown on vaping products in the US and other markets. The company issued a profit warning in February just two days after announcing Bomhard would replace Cooper, who left on the day of the profit warning.

Tant will be eligible for a bonus for 2019-20 comprising 50% in cash and the rest in shares. He will be treated as a "good leaver" and his long-term incentive plan payments will continue to vest according to performance conditions, Imperial said.