Imperial Brands CEO Resigns....
The world’s largest producer of cigars CEO, Alison Cooper has stepped down as of Wednesday, Oct 2. 2019 after an earnings warning “in light of the e-cigarette issues and a challenging next-generation product market in the USA."
Cooper, 53, a 20-year Imperial veteran who spent nine years as CEO, will also leave the board of directors.
In a statement, chairman Mark Williamson praised Cooper for simplifying and reshaping the business to focus on Imperial’s strongest brands and markets, enhancing the company’s presence in the US market and developing next-generation products.
Imperial, the world’s fourth-largest tobacco outfit by market share, has been squeezed by a global backlash and heightened regulation against e-cigarettes.
The company, which owns the Blu e-cigarette brand, warned last month that sales and profits would suffer this year because of the crackdown — becoming the first global tobacco group to lay out the financial impact of the worldwide vaping alarm.
Imperial Brand makes Davidoff and Winston cigarettes.
It’s struggled to compete with bigger rivals and has had trouble selling its premium cigar business.
*Some contents of article courtesy of Wall Street Journal*
____________________________ Plumeberg Media Inc. 2019