UPDATE 1-New rules prompt exit of Imperial chairman Williamson [Reuters]
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Source: Reuters
UPDATE 1-New rules prompt exit of Imperial chairman Williamson | Reuters 2 Min Read (Adds details) Feb 11 (Reuters) - British tobacco group Imperial Brands said on Monday that its non-executive chairman Mark Williamson, whose tenure exceeds new British guidelines, would step down. The Financial Reporting Council’s revised corporate code came into effect in January, requiring public companies in Britain to explain if a board chair has remain unchanged for more than nine years. Under the code, where the chair was previously a non-executive director, as was the case for Williamson, time served in that capacity counts toward the nine year period. Williamson joined Imperial’s board in 2007, was named senior independent non-executive director in February 2012 and then appointed deputy chairman in January 2013. He became chairman of the company in February 2014. Shares in Imperial, which makes Gauloises and Winston cigarettes and is one of the world’s biggest tobacco companies, had fallen ne
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