Imperial Brands has announced a 3.1% annual fall in revenue to £14.6bn in its H1 results, as the tobacco company’s CEO, Stefan Bomhard, also announced his retirement.

The group’s share price has fallen by more than 6.5% in today’s trading following the FTSE 100 company’s updates.

Imperial’s current chief financial officer (CFO), Lukas Paravicini, will replace Bomhard who has served five years in the CEO role, from 1 October. The group’s current chief strategy and development officer, Murray McGowan, will replace Paravicini in the CFO role.

The CEO departure came as Imperial also announced a trading update for the six-month period to 31 March. The tobacco company, which owns brands such as Golden Virginia, Rizla and Lambert & Butler, also posted a 2.5% year-on-year fall in operating profit, to £1.46bn.

Despite the slowdown in performance compared to last year and while also acknowledging an “uncertain global economic environment”, Imperial stated in its outlook that it remains “on track” to meet its guidance and expectations for the full year. The company said it still expects to grow its group adjusted operating profit to “close to the middle” of its mid-single-digit range.

“Our operational delivery is driving a consistent financial performance and strong cash flows, which underpin both investment in growth initiatives and enhanced capital returns to shareholders,” Bomhard said.

On his departure, he added: “With the team now preparing to implement our 2030 strategy, it feels like an appropriate time to hand on the baton to Lukas and Murray. In the coming months, I look forward to supporting them as they transition into their new roles.

“I would like to thank all the people of Imperial Brands. The strengthening of our business has been very much a team effort.”

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