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TheStreet Open House

Philip Morris International Inc. (PMI) Announces Leadership Succession Plan

Regulatory News:

The Board of Directors of Philip Morris International Inc. (NYSE / Euronext Paris: PM) today announced that André Calantzopoulos was appointed Chief Executive Officer to become effective immediately following the Annual Meeting of Shareholders on May 8, 2013. Mr. Calantzopoulos was also nominated for election to the Board of Directors at the Annual Meeting. He has served as PMI’s Chief Operating Officer since the company’s spin-off on March 28, 2008. Louis Camilleri, PMI’s current Chairman and Chief Executive Officer, will remain as Chairman of the Board and as an employee of the company.

Since the spin-off, Messrs. Camilleri and Calantzopoulos have worked closely together in their respective roles as Chief Executive Officer and Chief Operating Officer. Under their combined leadership, PMI has solidified its position as the largest and most profitable international tobacco company, while expanding its global market share, excluding China and the USA, to a record 28.8% in 2012. Among PMI’s substantial achievements under their combined leadership since the spin-off through year-end 2012:

  • Total Shareholder Return of 103.5% versus the S&P 500 Index (20.6%);
  • Returned over $50 billion to shareholders through dividends and share repurchases;
  • Met, or exceeded, the high end of its adjusted diluted EPS annual growth target of 10-12%, excluding currency, each year;
  • Increased its dividend each year for a cumulative increase of 84.8%; and
  • Repurchased 489 million shares, or 23.2% of the shares outstanding after the spin-off, at an average price of $56.96 per share.

Lucio A. Noto, PMI’s independent Presiding Director, said: “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. The Directors have greatly appreciated the transparency with which Louis and André have interacted with the Board. On behalf of the entire Board, I want to thank Louis for his steadfast devotion to the company and the tremendous results achieved over a lengthy and stellar career. The company and its shareholders, employees and directors owe Louis a tremendous debt of gratitude for his unrivalled service.”

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