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British American Tobacco CEO reportedly preparing to step down

Nicandro Durante, BAT CEO

British American Tobacco CEO Nicandro Durante is expected to leave the tobacco giant some time in the next year, Sky News reported Wednesday, citing people familiar with the matter.

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It's unclear when exactly Durante would leave, Sky News reported, noting one person who cautioned it may not be imminent. Sky News said BAT's chief operating officer Jack Bowles is regarded the frontrunner to take over, though chief marketing officer Andrew Gray is also rumored to have been a contender.

BAT acquired U.S.-based tobacco company Reynolds American last year. Like its Big Tobacco competitors, BAT is trying to pivot toward nicotine alternatives like e-cigarettes and more recently, heat-not-burn tobacco products.

Shares of BAT fell 1 percent. They've slid 30 percent this year.

A BAT spokesman did not immediately respond to CNBC's request for comment.

Read the Sky News article here.

CNBC

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