Philip Morris appoints new chief executive
Change comes as the world's largest listed tobacco company seeks to expand in China
Philip Morris International named Andre Calantzopoulos as chief executive, replacing Louis Camilleri, as the world's largest publicly traded tobacco company works to expand in China and develop new products.
Calantzopoulos, who also was nominated for election to the board, will take the helm after the annual meeting of shareholders on May 8, the maker of Marlboro cigarettes said in a statement.
Camilleri would remain chairman of the board, Philip Morris said.
Calantzopoulos takes charge five years after Philip Morris was spun off from Altria, enabling it to accelerate acquisitions and expand into emerging markets.
He and Camilleri introduced new varieties of Marlboro into Russia, the world's second-largest cigarette market, to boost its global share of tobacco sales to a record 28.8 per cent last year, excluding the United States and China.
"The move recognises the increasing role that Andre has played after he and Louie worked together to gain market share," said Tom Russo, a partner at Gardner Russo & Gardner.
As executive chairman, Camilleri would have more time to focus on "the big imponderables" for the company, such as boosting sales in China and developing next-generation products less harmful than cigarettes, Russo said.