Philip Morris International Inc. (PM) said its Chief Financial Officer, Hermann Waldemer, has elected to take early retirement, effective July 31, 2012. Waldemer would be succeeded by Jacek Olczak, currently President, European Union Region, with effect from August 1, 2012. Drago Azinovic, now serving as President, Philip Morris Japan, would replace Olczak.
Chairman and Chief Executive, Louis Camilleri, said, "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."
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