Imperial Appoints Chairman

Therese Esperdy will succeed Mark Williamson as chairman of Imperial Brands effective Jan. 1, 2020.

Williamson will be stepping down as chairman in anticipation of new U.K. corporate governance code requirements regarding a chairman’s tenure on a board.

Esperdy is currently senior independent director and has a background in investment banking. She began her banking career at Lehman Brothers and retired from JP Morgan in 2015.

Esperdy joined the Imperial Brands board in July 2016 and was appointed senior independent nonexecutive director in May 2019. She is also a nonexecutive director and chairman of the finance committee of National Grid and a nonexecutive director of Moody’s Corp.

“Therese has made a significant contribution to Imperial since she became a nonexecutive director in 2016, and the board is delighted that she has agreed to succeed Mark as chairman,” Imperial Brands said in a statement.

“Her international executive experience and the acute understanding she has of the business, the sector we operate in and the concerns of investors, many of whom were consulted during the recruitment process, is invaluable. Today’s announcement provides stability through the chief executive officer recruitment process, which is a key priority for Therese.”

In early October, Imperial Brands announced Alison Cooper would step down as CEO once a suitable successor is found.