Despite the economic downturn, Gareth Davis cuts a relaxed figure. The chief executive of Imperial Tobacco - a self-described “committed smoker” - believes that the prospect of a stay-at-home winter is good news for his company.

“People will go out less and that will benefit us,” he said. “They'll be sitting in with a DVD, a pizza, a few cans and a packet of fags.”

When Mr Davis leaves Imperial Tobacco close to his 60th birthday in May 2010, his successor will probably come from within the company. They tend to do so in the world of big tobacco, where they do not come much bigger than Mr Davis, who said yesterday that he was going to stand down after almost four decades with the company, including the past 12 in his present role.

His successor will inherit a company that Mr Davis has transformed almost beyond recognition. Imperial has had to deal with the decline of cigarette sales in Europe and the United States. He has expanded into new territories, culminating last year in the deal to buy Altadis, of Spain. Gone is the reliance on Britain, even though its Lambert & Butler brand remains one of the country's most popular smokes.

When Mr Davis started at Imperial, the UK provided more than 80 per cent of sales; now, it contributes only 20 per cent. That has not stopped it developing its domestic business and responding to the downturn in economic vitality. Mr Davis knows that smokers are moving downmarket and Imperial is promoting its products at that end. As well as L&B, it has Regal, a budget brand, Golden Virginia, a roll-your-own tobacco, and Rizla papers.

The affable father of one will be looking forward to putting his feet up in a couple of years and finding more time to indulge his passion for Bolton Wanderers.