Philip Morris Announces New CEO

He formerly headed the business before its spin-off


PhilipMorris185 Philip Morris Announces New CEOCigarette maker Philip Morris International (NYSE:PM) is getting a new CEO.

On Wednesday, the company announced that its chief operating officer, Andre Calantzopoulos, will succeed current CEO Louis C. Camilleri, who is resigning. Calantzopoulos formerly headed Altria Group‘s (NYSE:MO) international cigarette business until it was spun off as Philip Morris International in 2008, the Associated Press noted.

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Calantzopoulos will step into the top office in May following the company’s annual shareholder meeting. Camilleri will continue as chairman of the board.

Last year, Philip Morris International generated revenue of $31.4 billion, up 1% from the previous year. Earnings rose 2.4% to $8.8 billion.

Recently, Russia joined the list of countries placing restrictions on public cigarette smoking. Philip Morris International generates 9% of its annual profit from Russia.

Shares of Philip Morris International slipped fractionally in Wednesday morning trading.

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