New rules prompt exit of Imperial chairman Williamson

(Reuters) – British tobacco group Imperial Brands said on Monday that its non-executive chairman Mark Williamson, whose tenure exceeds new British guidelines, would step down.

The Financial Reporting Council’s revised corporate code came into effect in January, requiring public companies in Britain to explain if a board chair has remain unchanged for more than nine years.

Under the code, where the chair was previously a non-executive director, as was the case for Williamson, time served in that capacity counts towards the nine year period.

Williamson joined Imperial’s board in 2007, was…
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