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Philip Morris International Inc PM

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We Expect Little Strategic Change From Philip Morris International's Leadership Handover

Analyst Note

| Philip Gorham, CFA, FRM |

Philip Morris International's changes at the top are more of a planned handover than a reshuffle, and we expect little strategic change as a result. Chairman and former CEO Louis Camilleri has resigned with immediate effect for personal reasons and has also stepped down from his role as CEO of Ferrari. PMI's current CEO, Andre Calantzopoulos, will become Executive Chairman of the Board in May 2021 and will be replaced at that time as CEO by Jacek Olzcak. Until May, Lucio Noto will act as interim Chairman. Mr. Olzcak is currently COO of the company, and previously served as CFO and President of the European Union business in his 27 years at PMI.

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Company Profile

Business Description

Philip Morris International is a leading international tobacco company engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States. Through multidisciplinary capabilities in product development, state-of-the-art facilities, and scientific substantiation, the company aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. Management's vision is that these products ultimately replace cigarettes.

120 Park Avenue
New York, NY, 10017
T +1 917 663-2000
Sector Consumer Defensive
Industry Tobacco
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type High Yield
Employees 73,500