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.