Imperial Brands PLC today announces that Lukas Paravicini, Chief Financial Officer of agricultural commodities and brokerage group ED&F Man Holdings, will be appointed to the Board as Chief Financial Officer on August 5 2021 or at an earlier date to be announced.

Lukas succeeds Oliver Tant, who will step down from the Board upon Lukas’s appointment and leave the business following an orderly handover.

Stefan Bomhard, Chief Executive Officer, said: "I am delighted to welcome Lukas to the business. He is a disciplined, results-oriented leader with a proven track record in international consumer goods companies. As well as his impeccable finance credentials, Lukas has considerable operational experience, as well as expertise in driving transformational change including in global shared services in large international organisations. These qualities will be invaluable to Imperial as we implement our new strategy.

“I would like to thank Oliver for his support since I joined Imperial and for his contribution to the business during his seven-year tenure.”

Lukas said: “I am delighted to be joining Imperial at such an exciting time. I look forward to supporting the new strategic direction and working with the Board and my new colleagues to strengthen performance and enhance shareholder value.”

Before joining ED&F Man Holdings, Lukas held senior positions at Fonterra, a New Zealand and Australia listed co-operative and the world’s largest dairy exporter, with sales in 130 countries. He was Chief Financial Officer from 2013-2017 and Chief Operating Officer, Global Consumer and Foodservice Business from 2017-2018. Prior to that, he spent 22 years with Nestle in various senior finance and general management roles, working in South America and latterly in Switzerland for Nestle Professional, the food service arm of Nestle SA, first as Chief Financial Officer and then as Vice President & General Manager of Europe.

Notes

As Chief Financial Officer of Imperial Brands, Lukas will receive an annual salary of £730,000 and a pension allowance, which is aligned with the workforce pension rate, equivalent to a maximum of 14 per cent of salary and other usual benefits. He will not receive any salary increase before January 2023 and is able to participate in the Company's existing annual bonus plan up to a maximum of 200 per cent of salary, and the long-term incentive plan up to 250 per cent of salary. Lukas’s base salary is between the median and the upper quartile of the FTSE 50 and at the median of the FTSE 30. His maximum total remuneration is at the median of the FTSE 50 and between the lower quartile and median of the FTSE 30. All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the Annual General Meeting in February 2021 and will be set out in more detail in the Directors’ Remuneration Report which follows his appointment.

ENDS