Philip Morris CFO stands down to head up US division

Global tobacco giant Philip Morris revealed on Monday that chief financial officer Martin King will step down from the role in order to head up its newly created American division.

Philip Morris International Inc.

$121.71

11:10 26/12/24

-0.98%

-$1.20

Philip Morris' US wing, which has a licensing deal with Altria Group to sell heated-tobacco device IQOSm said Emmanuel Babeau, currently CFO of French firm Schneider Electric, will fill King's shoes in May.

Chief executive André Calantzopoulos said: "PMI is undergoing a period of intensive change as we transition away from cigarettes to our science-based smoke-free products-products that are much better alternatives than continued cigarette smoking.

"We are thrilled that Emmanuel will be joining us to further accelerate the PMI transformation towards a smoke-free future."

As of 1635 GMT, Philip Morris shares were up 1.01% at $82.70 each.