Finance
British American Tobacco Brings Back Former Executive Constantinescu as CFO
Published by Global Banking & Finance Review®
Posted on April 9, 2026
2 min readLast updated: April 9, 2026
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British American Tobacco has appointed Dragos Constantinescu—who previously spent 16 years at BAT and most recently led Asahi Europe & International—as its new CFO starting September 1, replacing interim chief Javed Iqbal amid the company’s strategic shift toward smokeless products.
Lucky Strike maker BAT brings back former executive to fill CFO role
British American Tobacco Appoints Dragos Constantinescu as CFO
April 9 (Reuters) - British American Tobacco named Dragos Constantinescu as its chief financial officer on Thursday, bringing back a former executive who had spent 16 years at the tobacco giant before moving to Asahi Breweries, Japan's largest brewer.
Background of the Appointment
The appointment follows the abrupt departure of BAT’s former finance head Soraya Benchikh in August last year after only about 15 months in the role, an exit analysts described as unexpected.
Interim Leadership and Transition
The Lucky Strike and Dunhill cigarette maker's Digital & Information director Javed Iqbal has served as interim finance chief since and will return to his previous role when Constantinescu joins on September 1.
Market Reaction
BAT shares were up 1.3% at 4,483 pence in early trade.
Constantinescu’s International Experience
Career at BAT and Asahi Breweries
INTERNATIONAL EXPERIENCE - A KEY ASSET
Constantinescu, a 46-year-old Romanian, held senior finance and general management roles in his previous stint with BAT, including general manager for Central Europe North and finance director and general manager for BAT Poland.
Currently, the chief of Asahi Europe & International, he has been with Asahi Breweries - best known for its flagship Super Dry beer and part of Japan’s Asahi Group Holdings - since 2019, holding various senior leadership roles across Europe.
BAT’s Strategic Pivot
BAT has been pivoting its business away from traditional cigarettes towards smokeless products. It reported higher annual profit in February as its Velo nicotine pouch gained U.S. market share and sales of newer products picked up.
CEO’s Statement
CEO Tadeu Marroco on Thursday said Constantinescu's international experience and understanding of the company would be "key assets" as BAT focuses on quality growth and the delivery of its mid-term growth targets.
Compensation and Additional Details
Constantinescu will join the company with a base salary of 820,000 pounds ($1.10 million) per annum.
($1 = 0.7472 pounds)
Reporting Credits
(Reporting by Yamini Kalia in Bengaluru; Editing by Mrigank Dhaniwala, Subhranshu Sahu and Keith Weir)
Key Takeaways
- •Dragos Constantinescu returns to BAT on September 1 after leading Asahi Europe & International and a 16-year previous BAT tenure (ursus-breweries.ro)
- •He replaces interim finance chief Javed Iqbal, who filled the role since last August following an abrupt CFO departure (zfenglish.com)
- •BAT is accelerating its pivot from traditional cigarettes to smokeless alternatives, aiming for these products to reach 50 million consumers by 2030 and contribute 50% of group revenue by 2035 (romania-insider.com)
References
Frequently Asked Questions about British American Tobacco brings back former executive Constantinescu as CFO
1Who is the new CFO of British American Tobacco?
Dragos Constantinescu has been appointed as the new chief financial officer of British American Tobacco.
2When will Dragos Constantinescu join British American Tobacco?
Dragos Constantinescu will join British American Tobacco as CFO on September 1.
3What is British American Tobacco's business transformation goal?
BAT aims to shift its business towards smokeless products, targeting 50 million consumers and 50% group revenue from these products by 2035.
4Who was the interim finance chief before Constantinescu's appointment?
Javed Iqbal served as the interim finance chief following the abrupt exit of the previous BAT finance head.
5What was Constantinescu's previous role before rejoining BAT?
Dragos Constantinescu was chief of Asahi Europe & International before being reappointed as BAT CFO.
