Imperial Brands CEO Alison Cooper quits after profit warning
The chief executive of cigarette maker Imperial Brands has announced she will step down from the role.
Alison Cooper’s departure comes after the firm issued a profit warning amid regulatory crackdowns on e-cigarettes in the US.
Read more: US vaping deaths hit growth at Imperial Brands
Last week the company said that a spate of deaths linked to vaping has caused a “marked slowdown” in growth.
Imperial said that it would grow revenues from its next-generation products business, which includes e-cigarettes, by around 50 per cent this year. The company admitted the figure was below its expectations.
The crackdown on vaping in the US has hurt Imperial’s flagship e-cigarette Blu, which was done better with customers after a big consumer promotion push. However US environment has “deteriorated considerably”, hitting Blu. It has also been challenged by competitors discounting their products.
Cooper, who has led the company for nine years, plans to continue as chief executioner until a successor is found.
Read more: Imperial Brands to put breaks on dividend
Mark Williamson, chair of the board, said: “During her tenure as CEO the business has been significantly simplified and reshaped to strengthen its long-term growth potential, and more than £10bn in dividends has been returned to shareholders.
“I am pleased that Alison has committed to continue to lead the business until a successor is appointed, ensuring an orderly transition of responsibilities.”
Main image credit: Imperial Brands