A new chairman has been lined up at Imperial Brands to lead the struggling tobacco company out of its slump, but the appointment is being held up by legal issues. The FTSE 100 company’s eight-month hunt for a replacement for Mark Williamson, 61, has taken longer than expected because of the difficulty of finding high-calibre directors willing to oversee a tobacco business. In addition, it had to compete with its arch rival British American Tobacco, which is also looking to replace its chairman, Richard Burrows, 73. Imperial and BAT have to comply with new corporate governance rules stating that chairmen should resign after serving nine years on the board. Imperial’s appointment has become more pressing after its board ousted Alison Cooper, 53, as chief executive
Imperial Brands has reportedly found a new chairman, following an eight-month search but is facing delays because of legal issues. The tobacco company has struggled to find a replacement for current chairman Mark Williamson, as senior executives become more wary about joining tobacco companies. In the latest sign that Philip Morris may be in trouble, it emerged on Tuesday that its chief executive, Martin Broughton, had been questioned by police over allegations he made illegal payments and gifts to politicians. Imperial Brands is also seeking a new CEO after its board pushed out Alison Cooper following investor dissatisfaction.