Philip Morris International held its annual meeting of shareholders today. Louis C. Camilleri, chairman of the board and CEO, addressed shareholders and answered questions. Chief Operating Officer André Calantzopoulos gave the business presentation, focusing on PMI’s performance since its spin-off in March 2008, which has seen total shareholder return reach 135 percent through April 30, 2013.
“I firmly believe that we still have great opportunities to continue to grow our existing tobacco business through the further expansion of our terrific brand portfolio, additional investments in consumer-relevant innovation and communication, the continued roll-out of our commercial approach, judicious pricing, and a continued focus on efficiency and productivity savings,” noted Calantzopoulos.
He went on to describe the company’s mid- to longer-term additional growth opportunities of further geographic expansion, reducing the prevalence of illicit trade and the commercialization of “next-generation” products.
Calantzopoulos also paid tribute to Camilleri, whom, as announced on March 13, 2013, he succeeded as CEO effective immediately following the meeting. He cited Camilleri’s “passion for the company, his vision and critical and insightful analysis, his regard for the wellbeing and development of our employees, and his devotion to the integrity and transparency of communications to investors and to enhancing shareholder value.”
Camilleri will continue to serve as chairman of the board.
An audio webcast of PMI’s shareholder meeting will be available until June 6 at www.pmi.com/webcasts.
Category: Breaking News