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9/12, 8:42 AM (Source: TeleTrader)
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British American Tobacco to lay off 2,300 in next 4 months

British American Tobacco plc said on Thursday it will reduce its workforce around the world by 2,300 by January next year.

The move is a part of the company's effort to simplify its operational structure and deliver savings which would be reinvested in new categories such as vapor, tobacco heating products and oral tobacco. The company noted that 20% of the senior management roles will also be affected by the overhaul.

Chief Executive Officer Jack Bowles said: "My goal is to oversee a step change in New Category growth and significantly simplify our current ways of working and business processes, whilst delivering long-term sustainable returns for our shareholders," The executive also stated that the goal is to generate £5 billion of revenues in New Categories by 2023/24.

Breaking the News / NI