Philip Morris International (PMI) Announces Senior Management Changes

Published on Monday, 07 May 2012 02:03 Written by TradersHuddle Staff

NEW YORK-( Business Wire )-

Regulatory News:

Philip Morris International Inc. (NYSE / Euronext Paris: PM) today announced that Hermann Waldemer, Chief Financial Officer, has elected to take early retirement effective July 31, 2012. He will be succeeded by Jacek Olczak, currently President, European Union Region, effective August 1, 2012. Drago Azinovic, currently President, Philip Morris Japan, will succeed Mr. Olczak.

“Hermann’s decision to take early retirement brings to a close an illustrious career with Philip Morris International that has spanned a quarter of a century,” said Louis C. Camilleri, Chairman and Chief Executive Officer. “His crowning achievement is undoubtedly his invaluable contribution as CFO to our company’s tremendous performance since our spin off from Altria Group, Inc., in March 2008. He is held in the utmost regard by all those who, from within and outside the company, have benefited from his profound business acumen and exemplary leadership skills. He leaves us with our deepest gratitude and fondest wishes for a long and healthy retirement and well-earned time with his beloved family.”

“I am genuinely pleased to also announce that Jacek Olczak will succeed Hermann as Chief Financial Officer,” continued Mr. Camilleri. “Jacek is a highly capable and experienced executive who has served as President, European Union Region, since April 2009. Since joining PMI in 1993, Jacek has held a series of increasingly senior positions in Finance, Sales and Operations, including General Manager Romania, Managing Director Poland and the Baltic States, Area Vice President Central Europe and Managing Director Germany and Austria. I have long admired Jacek for his extraordinary intellect, his consistent ability to deliver strong results and his proven leadership skills. I am convinced he will be a tremendous CFO who will continue our steadfast commitment to deliver timely, accurate and transparent communications to the investment community and our unwavering resolve to enhance shareholder value. With Jacek, we are privileged to have in our senior management ranks an executive with the caliber of experience and talent to ensure a seamless transition following Hermann’s departure.”

“Assuming management responsibility as President, European Union Region, is Drago Azinovic who joined PMI in 2009 as Vice President Marketing and Sales for our Asia Region after a long and successful career in the tobacco industry,” continued Mr. Camilleri. “In July 2011, he was appointed to his current position as President of our affiliate in Japan. Ever since he joined us, Drago has proven to be a results-oriented, disciplined and creative leader who has made countless contributions to our business in our fast-growing Asia Region.”

“These appointments exemplify one of the immense strengths of Philip Morris International, namely the exceptional quality of its employees and the considerable depth of talent of its senior management,” concluded Mr. Camilleri.

For biographies of the PMI senior management team, see: http://www.pmi.com/eng/about_us/our_management/pages/our_management.aspx

Philip Morris International Inc.

Philip Morris International Inc. (PMI) is the leading international tobacco company, with seven of the world’s top 15 international brands, including Marlboro, the number one cigarette brand worldwide. PMI’s products are sold in approximately 180 countries. In 2011, the company held an estimated 16.0% share of the total international cigarette market outside of the U.S., or 28.1% excluding the People’s Republic of China and the U.S. For more information, see www.pmi.com.

Philip Morris International Inc.Investor Relations:New York: +1-917-663 2233Lausanne: +41 (0)58 242 4666orMedia:Lausanne: +41 (0)58 242 4500