Marlboro Maker Presented its New Chief Managing Officer
Philip Morris International (PMI) reported several days ago that CEO Louis C. Camilleri will be substituted by the person who directed it before it grew to become an individual company.
The producer of Marlboro and some other cigarette brands abroad stated its present chief managing officer, Andre Calantzopoulos, will become CEO right away after the company’s yearly shareholder gathering May 8. He also was chosen for the election to the board. Camilleri will continue to be in his present job of chairman, the company reported.
PMI is the second largest cigarette company. It was spun off in 2008 from Altria Group holder of Philip Morris USA, which continues to sells Marlboro, Parliament, L&M and many other Philip Morris brands in the U.S. For instance in 2012, PMI’s net revenue increased 2.4 % to $8.8 billion. Earnings not including excise taxes raised around 1 % to $31.4 billion. Its shipments grew more than 1 % to 927 billion cigarettes and its market share, leaving to one side China and the U.S., expanded to a record 28.8 %. Calantzopoulos has worked as chief operating manager ever since the company spinoff from Altria. He become a member of the company in 1985 and served as CEO from 2002 until the spinoff.
The 58-year-old Camilleri has been CEO of Altria in 2002, when it first set out on a reorganization that brought to the spin-off of Kraft Foods, then the splitting up of the two cigarette manufacturers. In current years, tax increases, smoking bans and health worries throughout the world have made the cigarette business more challenging. The truth that the effect on cigarette demand usually has been less tough outside the U.S. has helped PMI. Nevertheless the company confronts with difficulties that are as vast as its reach.
The cigarette manufacturer has mentioned that polices which include bans on product displays, components and vibrant packaging, have hindered competitiveness and add costs for retailers. Different levels of tax increases and economic difficulties also have motivated adult smokers to switch to lower priced cigarettes.
PMI has off set for volume decreases- mostly in emerging markets as for instance European Union, Latin America and Canada – by increasing prices, reducing costs and concentrating on growing markets in Asia, as well as the Eastern Europe, the Middle East and Africa.
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