12:52 PM EDT, 06/09/2025 (MT Newswires) -- British American Tobacco ( BTI ) is preparing to launch a formal search for a new chairman as current Chair Luc Jobin approaches the end of his eligible term under UK corporate governance guidelines, Sky News reported Monday.

Jobin has served as British American Tobacco ( BTI ) 's chairman since 2021 but has been a board member since 2017. UK rules stipulate that directors are no longer considered independent after nine years of service, meaning Jobin will be required to step down by mid-2026, the report said.

The company is in the process of appointing "headhunters" to identify a successor, with the search expected to conclude later this year or in early 2026, Sky News said, citing sources.

The FTSE-100 cigarette-maker declined Sky News comment request.

British American Tobacco ( BTI ) didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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