New board member at PMI

Massimo Ferragamo has been elected to the board of directors of Philip Morris International.

In a note posted on its website, PMI said yesterday that, with the addition of Ferragamo, the PMI Board would now have 13 directors.

‘Mr. Ferragamo has served as Chairman of Ferragamo USA Inc. since 2000, having previously served as President of that company since 1985,’ the note said.

‘Ferragamo USA is the exclusive North American distributor of luxury consumer products, including leather products and shoes, manufactured by its parent company, Salvatore Ferragamo S.p.A.

‘Mr. Ferragamo, age 59, served as an independent director of Yum! Brands, Inc. from 1997 to 2016. He currently serves on the Board of Ferragamo Finanziaria S.p.A., the Ferragamo family’s holding company.’

“I am delighted to welcome Massimo to our board,” said Louis Camilleri, chairman of the PMI board.

“His entrepreneurial spirit and his deep experience in the global luxury consumer products business will complement the considerable expertise of our formidable board of directors in the years to come.

“I especially appreciate his keen interest in our aim to become the undisputed leader of reduced-risk products and our highly ambitious effort to have RRPs ultimately replace combustible products to the benefit of adult smokers, society and our company.”