Tobacco firm Philip Morris International on December 10 announced that it has appointed a new Chairman and a new Chief Executive Officer, both appointments to take effect in May 2021.

André Calantzopoulos (above left), currently CEO of PMI, will move to become Executive Chairman of the PMI Board immediately before the firm's annual shareholders' meeting in May 2021. He will succeed Louis Camilleri, the former Chairman who retired the same day of the announcement citing personal reasons. For now, Lucio Noto, independent Presiding Director of PMI, is currently serving as Interim Chairman.

Jacek Olczak (above right), currently Chief Operating Officer of PMI, will take over as CEO immediately after the shareholders' meeting. Olczak has been with PMI since 1993 and held a variety of leadership positions in the company's Europe operations, including Managing Director of PMI’s markets in Poland and Germany, President of the European Union Region, and CFO of PMI.

According to the announcement, this succession had been planned for some years and is based on continuity of leadership, as both Calantzopoulos and Olczak have worked closely with former Chairman Camilleri and “share a single strategic vision”. Interim Chairman Noto said: “The decisions announced today are the result of a rigorous and well-executed multi-year succession plan and are a clear demonstration of how well our company is governed.”