André Calantzopoulos has been appointed CEO of Philip Morris International. Calantzopoulos has served as PMI’s chief operating officer since the company’s spin-off in March 2008. Louis Camilleri, PMI’s previous CEO, will remain as chairman of the board and as an employee of the company.
Since the spin-off, Camilleri and Calantzopoulos have worked closely together in their respective roles as CEO and CEO. 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 United States, to a record 28.8 percent in 2012.
“After eleven years of leading PMI and its former parent, and with the company squarely poised for future success, I decided that the time has come for me to relinquish my executive role,” said Camilleri. “I am delighted to hand over the management responsibility of the company to André. He is well equipped, and the company is well positioned, to continue to deliver superior shareholder value.”
“I am deeply honored that Louis and the board have the confidence in me to continue to build on PMI’s tremendous success,” said Calantzopoulos. “I am particularly grateful to Louis for his mentorship over a long period of time, during which I have always been deeply impressed with his passion for the company, his critical and insightful analysis and vision, his regard for each PMI employee, and his devotion to the integrity and transparency of communications to investors and to enhancing shareholder value. He has set the standard by which all future leaders of PMI will be judged.”
As chairman of the board, Camilleri will assist the CEO in long-term strategy, serve as the CEO’s sounding board and continue to fulfill the duties of chairman of the board of directors. Calantzopoulos will have the management responsibility for the company and will report to the full board of directors.