LONDON (ShareCast) - (Sharecast News) - Imperial Brands said on Monday that Mark Williamson will be stepping down as non-executive chairman of the tobacco company.
The statement confirmed a report earlier in The Times suggesting that Williamson would step down in the coming months due to the introduction of more stringent corporate governance rules.

"In light of recent press speculation Imperial Brands today confirms that, in anticipation of the requirements of the new UK Corporate Governance Code regarding a chairman's tenure on a board, the company has recently initiated a process to search for a non-executive chairman to succeed Mark Williamson," it said.

Williamson will remain in his role until a successor has been found and to ensure an orderly handover.

According to new corporate governance rules, a chair person should not be in his or her role for more than nine years.

At 1510 GMT, the shares were up 1.7% to 2,580.50p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE