London, Feb 11, 2026, 08:15 GMT — Regular session.
- British American Tobacco climbed roughly 0.6% shortly after the open in London.
- The board has decided to keep chair Luc Jobin in place until April 2028, while the senior independent director role will shift at the 2026 AGM.
- Capital Group has cut its stake, leaving investors waiting for Thursday’s annual results to see what’s next.
Shares in British American Tobacco (BATS.L) picked up 0.6% to 4,398 pence as of 0815 GMT. The move follows a board update, with investors looking ahead to the company’s annual results set for Thursday. 1
This matters for BAT, which faces a crucial results day and fresh governance concerns. Investors are waiting on the figures, sure, but they’re also watching leadership—especially as the company keeps pushing deeper into nicotine alternatives.
British American Tobacco plans to release preliminary 2025 results at 0700 GMT on Feb. 12. A webcast and investor Q&A is set to start at 0930 GMT, featuring Chief Executive Tadeu Marroco and Interim CFO Javed Iqbal. 2
BAT on Tuesday announced it’s extending Luc Jobin’s stint as chair, locking him in through the company’s AGM in April 2028 while the hunt for his replacement drags on. Senior independent director Holly Keller Koeppel called Jobin “a proven and respected Chair.” For his part, Jobin said, “I look forward to welcoming Karen as Senior Independent Director.” 3
The Capital Group Companies reduced its voting stake in BAT to 17.934796%, down from 18.869293%, according to a regulatory filing. The move was detailed in a TR-1 disclosure, the UK’s standard report for investors who hit or fall below specified thresholds. 4
BAT pressed ahead with its buyback, picking up 149,812 shares on Feb. 9 at a volume-weighted average price of 4,517.1620 pence. The company plans to cancel the shares. Once that happens, it expects to have 2,176,123,491 shares outstanding, excluding those held in treasury. 5
Even with buybacks underway, it’s straightforward: investors face a risk if earnings disappoint. Boardroom headlines won’t matter much if pricing softens, volumes slip, or the outlook feels less upbeat — any hint of those, and the stock could slide.
Right now, most traders are holding off until Thursday’s release, with management’s comments on the call in focus. There’s interest in the latest on buyback activity, and any word on the chair succession timeline will be scrutinized, along with the top-line numbers.
