BAT CFO Soraya Benchikh Steps Down in a surprising move that has caught both investors and the wider business community off guard. British American Tobacco (BAT), one of the world’s largest tobacco companies, confirmed on August 26, 2025, that its Chief Financial Officer Soraya Benchikh has stepped down with immediate effect. The news comes only about 15 months after she was appointed to the role, during which she played a significant part in the company’s financial turnaround and transformation strategy.
A Sudden Departure
The timing of Benchikh’s decision is notable. BAT recently reported profits ahead of expectations in the first half of the year. The company also registered growth in its U.S. business for the first time in three years, which was welcomed by shareholders as a signal of recovery. Despite these positive developments, her resignation triggered a sharp reaction in financial markets. BAT’s shares dropped by nearly 3 percent following the announcement, highlighting investor concerns about leadership continuity.
Benchikh’s Role and Impact
Soraya Benchikh was appointed CFO in May 2024, returning to BAT after spending over two decades in various senior roles within the company. During her short tenure, she focused on restoring financial discipline and reassuring investors about BAT’s strategic direction. One of her key contributions was the reintroduction of share buybacks, a move that bolstered investor confidence and sent a positive message about the company’s balance sheet strength.
Benchikh also concentrated on BAT’s New Categories segment, which includes vaping products, oral nicotine, and heated tobacco alternatives. This division has been central to BAT’s ambition of reducing reliance on traditional cigarettes and achieving long-term growth. Under her leadership, the segment showed improved margins and stronger prospects for profitability, adding credibility to BAT’s vision of a smoke-free future.
Her departure statement suggested that she felt the timing was right to move on to her “next transformation,” though no specific details were given about her future plans. The announcement sparked speculation about whether her exit was entirely personal or influenced by internal strategic differences.
Interim Leadership and Transition
To manage the immediate leadership vacuum, BAT announced that Javed Iqbal, currently the company’s director of digital and information, would step in as interim CFO. Iqbal is not new to the finance role, having previously served as interim CFO between May 2023 and April 2024 before Benchikh’s appointment. His familiarity with the company’s financial operations and leadership team is expected to provide short-term stability while BAT begins its search for a permanent successor.
Although she has stepped down as CFO, Soraya Benchikh will remain with BAT until December 31, 2025, to support a smooth transition. This arrangement should help the company manage investor concerns and maintain strategic momentum during this period of leadership change.
Market Implications
The sudden resignation raises several questions about BAT’s financial and strategic outlook. Investors had grown increasingly optimistic over the past year, thanks to strong half-year results and renewed growth in the U.S. market. Analysts credited Benchikh with much of the progress in financial discipline, which makes her early exit a setback from an investor confidence perspective.
However, BAT’s Chief Executive Officer Tadeu Marroco emphasized that the company remains on track to deliver its full-year 2025 guidance. He reassured stakeholders that the transformation strategy, particularly in New Categories, will continue unaffected. His statement suggested that leadership changes would not alter the long-term goals of the business.
BAT’s Transformation Journey
British American Tobacco has been working to reshape its image and diversify its product portfolio. With smoking rates declining worldwide and regulatory pressures mounting, the company has been investing heavily in alternatives to cigarettes. This includes products such as vaping devices, oral nicotine pouches, and heated tobacco sticks.
Under Soraya Benchikh’s tenure, progress in this area accelerated. New Categories accounted for a growing share of group revenue and demonstrated improved profitability. This progress has been critical in convincing investors that BAT is not just reacting to industry trends but actively positioning itself for a sustainable future.
Her financial leadership also focused on reducing debt and managing currency headwinds, two long-standing challenges for the group. Share buybacks, disciplined cost control, and targeted investment were seen as the cornerstones of her strategy.
Investor Reactions
The financial community responded cautiously to the announcement. While BAT’s share price dipped in the immediate aftermath, analysts noted that the fundamentals of the business remain solid. Some suggested that the interim appointment of Javed Iqbal could ease short-term concerns, given his prior experience in the role. Others warned that uncertainty could linger until a permanent successor is named.
Long-term investors remain focused on BAT’s ability to deliver growth in reduced-risk products, as this is seen as key to future profitability. The timing of Benchikh’s departure, following a period of good performance, has fueled debate about whether her decision was purely personal or linked to deeper issues within the company.
What Comes Next for BAT?
The coming months will be critical for BAT as it seeks to reassure investors and maintain momentum. The company’s next major communication milestone is its pre-close trading update in December, which will provide an opportunity to update shareholders on both financial performance and leadership transition.
Finding a suitable permanent CFO will be one of BAT’s top priorities. The successor will need to demonstrate both financial expertise and the ability to lead during a period of industry transformation. The role will also demand strong communication with investors, who remain highly focused on the pace of progress in New Categories.
Conclusion
The news that BAT CFO Soraya Benchikh Steps Down has left many in the industry surprised, given the company’s improving financial results and her visible contributions to its strategy. While her departure introduces an element of uncertainty, BAT appears committed to keeping its transformation on track. With Javed Iqbal stepping in as interim CFO and a permanent successor to be appointed, the company will aim to maintain the confidence of its shareholders.
In the broader context, BAT’s journey highlights the challenges traditional tobacco companies face as they navigate regulatory changes, shifting consumer behavior, and the global push toward reduced-risk alternatives. Soraya Benchikh’s brief but impactful tenure reflects both the opportunities and pressures of leading financial transformation in such a complex environment. The next chapter for BAT will depend on how smoothly it can transition leadership while sustaining its progress toward long-term growth.
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