November 28, 2022
Philip Morris International Announces New Regional Structure and Senior Management Changes to Accelerate Growth Toward a Smoke-Free FutureDownload
“We are changing the company’s regional structure to further support the growth of our smoke-free business, reinforce consumer centricity, and increase the speed of innovation and deployment—all in alignment with our ambition of becoming a majority smoke-free business by net revenues by 2025,” said
By the end of
Paul Riley, currently President, East Asia& Australia Region, will be appointed President, East Asia, Australia, and PMI Duty Free Region; Frederic de Wilde, currently President, European Union Region, will be appointed President, South and Southeast Asia(SSEA), Commonwealth of Independent States (CIS), Middle Eastand Africa (MEA) Region; Massimo Andolina, currently Senior Vice President, Operations, will be appointed President, Europe Region; and Deepak Mishra, who will continue as President, Americas Region.
In addition, the following appointments will also take effect:
Marco Mariotti, currently President, Eastern Europe Region, will be appointed President, CIS, Central Asia& Israel, reporting into Frederic de Wilde; Stacey Kennedy, currently President, South and Southeast Asia Region, will be appointed Chief Executive Officer of PMI’s U.S.business, reporting to Deepak Mishra; and Scott Coutts, currently Vice President, Global Manufacturing, will be appointed Senior Vice President, Operations, succeeding Massimo Andolinaand reporting into Jacek Olczak.
The new regional structure better aligns with the business strategy in the approximately 180 markets where PMI’s products are sold. It is designed to accelerate smoke-free product growth in markets where IQOS already holds double-digit market shares, while also driving the transition from cigarettes to smoke-free products in untapped markets—including as of
Furthermore, the new regional structure will further support PMI’s efforts to broaden access to smoke-free products worldwide for those adults who would otherwise continue to smoke, including in low and middle income markets, which the company aspires to account for at least half of the markets where its smoke-free products will be available by 2025. Each region will comprise individual markets, as well as clusters of markets, and will provide opportunities to accelerate career development within PMI’s diverse talent pipeline.
The company’s quarterly results’ reporting and related filings will reflect the new regional structure as of Q1 2023.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of
In addition, important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties related to: the agreement with Altria and the benefits of the transaction; the possibility that expected benefits related to recent or pending acquisitions, including the transaction with Swedish Match, may not materialize as expected; the proposed transaction with Swedish Match not being timely completed; Swedish Match’s business experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, licensees, other business partners or governmental entities; difficulty retaining key Swedish Match employees; the outcome of any legal proceedings related to the proposed transaction with Swedish Match; and the parties being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended
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