By Maria Armental
Tobacco giant Reynolds American Inc. (RAI) said Chief Financial
Officer Thomas R. Adams plans to retire in March, and it named
Executive Vice President Andrew D. Gilchrist as his
replacement.
Mr. Adams, 64, joined the company in 1999 and had held the post
since 2008. Mr. Gilchrist, 42, was previously president and chief
commercial officer of R.J. Reynolds Tobacco Co.
Meanwhile, Ricardo Oberlander, regional director of British
American Tobacco's Americas region and board chairman of British
American Tobacco's Souza Cruz subsidiary in Brazil, was elected to
the board effective immediately, the company said. Mr. Oberlander
succeeds Neil R. Withington, who retired on Thursday.
Last month, the tobacco company, which has agreed to merge with
competitor Lorillard Inc. (LO), reported higher profit and revenue
for the latest reporting quarter, in part due to higher prices that
offset falling demand.
The $25 billion merger deal, under review by the Federal Trade
Commission and subject to shareholder approval, would create the
second-largest cigarette maker in the U.S., with one-third of the
market.
The company's shares closed on Thursday at $66.93, just below
the 52-week high of $66.97 and up 32% for the year.
Write to Maria Armental at maria.armental@wsj.com
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