NEW YORK — Philip Morris International (PMI) is restructuring its leadership team.
PMI’s board chairman, Louis Camilleri, "expressed his desire to retire as of the day of this announcement," the company said in a statement posted Thursday.
PMI’s CEO André Calantzopoulos was appointed executive chairman of the board, effective immediately before the company’s annual shareholder meeting in May. Lucio Noto, PMI’s independent presiding director, will serve as interim chairman until Calantzopoulos takes over.
PMI’s COO Jacek Olczak will succeed Calantzopoulos as CEO immediately after the May meeting, where he is expected to be nominated for election to the board of directors, according to the company. He has worked for PMI since 1993 in various roles including CFO and as managing director of PMI’s markets in Poland and Germany and as president of the European Union Region.
The board also nominated a new director, Michel Combes, effective immediately. Combes is the president of SoftBank Group International and oversees several SoftBank portfolio companies.
The decisions are part of a “well-executed multi-year succession plan,” Noto said, speaking on behalf of the board.
“The board is assured that under Jacek’s and André’s leadership and guidance, PMI will continue to innovate, prosper and enhance shareholder value,” Noto said. “I know I speak for all of us in expressing my profound gratitude to Louis for his enormous dedication and his tremendous contributions to our company throughout his stellar career.”
Camilleri retired due to “personal reasons,” the company said.
“Contemplating my 40-year PMI career, it has been an enormous privilege to serve this wonderful company, its board, its employees and its shareholders,” Camilleri said. “I want to wholeheartedly thank you all for this amazing journey that has made PMI the leading and most progressive tobacco company in the world. I am stepping down with the firm belief that the company is in great hands to accomplish its smoke-free vision.”
Camilleri also abruptly retired from his role as CEO of Ferrari NV on Thursday, Bloomberg reported.
“Although we broadly expected this succession, the announcement of the leadership changes today was a little earlier than we anticipated,” Goldman Sachs Managing Director Bonnie Herzog wrote in a research note.
Goldman Sachs, New York, views the announcement positively, Herzog said, because "this move will largely preserve continuity and limit disruption to PMI’s efforts to transform a smoke-free future.”
PMI, New York, sells tobacco products in more than 180 markets, according to its website. Its top brands include Marlboro, Parliament, Virginia Slims, IQOS and more.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.