Britain's Cigarette King Bows Out

Source from:  Forbes.com, 09.10.07 09/18/2007

Britain's Imperial Tobacco Group, the world's fourth largest tobacco company, lost one of its former leading lights last week when 64-year-old ex-chairman Derek Bonham passed away. Bonham led the company from 1996 to 2006, during which time it transformed itself from a subsidiary of Hanson Trust to become an independent international firm with a portfolio including Davidoff cigars and West. He left the company in early 2007, following what vice-chairman Anthony Alexander said at the time were ten years of "tremendous leadership." Alexander said that total shareholder return had increased sevenfold in those ten years, outperforming the FTSE all-share index six times over. Shares in Imperial Tobacco fell 20 pence (41 cents), or 0.9%, to ￡21.76 ($44.15) on Friday in London. Imperial Tobacco said it was "deeply saddened" by the news. "Derek was a wonderful chairman, a great mentor and a true friend," said Chief Executive Gareth Davis on Friday. "He was the founder of the modern Imperial Tobacco." Enditem