Cigarette manufacturer Philip Morris International, Inc. or PMI (PM) announced Wednesday the promotion of Chief Operating Officer André Calantzopoulos to Chief Executive Officer of the company, effective immediately after the Annual Meeting of Shareholders on May 8, 2013. Calantzopoulos succeeds Louis Camilleri, who will remain chairman of the board and as an employee of the company.
"Louis has assembled and led a tremendous team, as demonstrated by PMI's outstanding performance as an independent public company. His close working relationship with André as they shared responsibility for leading the company, together with André's many achievements on the operational side of the business, make this decision the culmination of a rigorous and well executed plan of succession," Independent Presiding Director Lucio Noto said in a statement.
Meanwhile, the New York-based maker of Marlboro brand also has nominated Calantzopoulos for election to the Board of Directors at the Annual Meeting.
Calantzopoulos, aged 55, has been serving as the company's COO since the its spin-off from Altria Group, Inc. (MO) on March 28, 2008. Prior to that, he served as Philip Morris International Inc.'s President and CEO since 2002.
Calantzopoulos joined the company in 1985 and served at several executive positions across Central Europe, including as Managing Director of Philip Morris Polska S.A., before becoming President, Eastern Europe Region in 1999.
"Under André's leadership as Chief Operating Officer, we have successfully increased our revenues even in difficult operating and economic environments, recorded strong productivity gains, driven relentlessly towards our goal of developing successful next generation products, and enhanced the caliber and depth of our organization and future leadership talent," Camilleri noted.
Meanwhile, Camilleri has led PMI and its former parent for eleven years, serving as Chairman and CEO of PMI since its spin-off in March 2008, and serving in similar positions at Altria Group since 2002.
Previously, Camilleri served as chairman of Kraft Foods, Inc. from 2002 to 2007, and senior vice president and CFO of Altria Group since November 1996. He joined PMI in 1978 as a business development analyst with Philip Morris Europe, and held various line and staff positions in the region.
Prior to joining PMI, Camilleri was a business analyst with W. R. Grace & Co., in Lausanne, Switzerland.
PMI noted that Camilleri will now "assist the CEO in long-term strategy, serve as the CEO's sounding board and continue to fulfill the duties of Chairman of the Board of Directors." Meanwhile, Noto will remain the independent Presiding Director, with Calantzopoulos having the management responsibility for the company and reporting to the full Board of Directors.
Separately, PMI earlier in the day said its board declared a regular quarterly dividend of $0.85 per common share, payable on April 12 to shareholders of record as of March 28, 2013. The ex-dividend date is March 26, 2013.
In Wednesday's regular trading session, PM is currently trading at $90.34, up $0.55 or 0.61% on a volume of 38,046 shares.
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