- Push-out Score determined
- After eight years in the position
- Praise for Calantzopoulos
- Jacek Olczak taking over
- Calantzopoulos will remain as Executive Chairman of the Board at Philip Morris
- Calantzopoulos made a lengthy statement and said 234 words
(exechange) — Lausanne, Switzerland, December 10, 2020 — André Calantzopoulos, chief executive of Philip Morris, leaves his position. As announced by Philip Morris International Inc. in a news release and in a regulatory filing published on Thursday, December 10, 2020, André Calantzopoulos leaves his post as chief executive officer of the cigarette and tobacco manufacturing company after eight years in the role, effective May 5, 2021.
André Calantzopoulos’s duties as CEO will be taken over by Jacek Olczak, currently Chief Operating Officer of Philip Morris International Inc.
André Calantzopoulos’s departure from the CEO post is explained as follows. Philip Morris said: “This planned succession promises a seamless transition and continuity of leadership. Messrs. Camilleri, Calantzopoulos, and Olczak have worked closely together since PMI became an independent company. They share a single strategic vision, and under their combined leadership, PMI has marked significant achievements, including its business transformation and indisputable leadership in the smoke-free product category.”
Calantzopoulos will remain as Executive Chairman of the Board at Philip Morris
“PMI’s current Chief Executive Officer, André Calantzopoulos, was appointed Executive Chairman of the Board, to take effect immediately prior to the Annual Meeting of Shareholders in May 2021. For personal reasons, the current Chairman, Mr. Louis Camilleri, expressed his desire to retire as of the day of this announcement. Consequently, Mr. Lucio Noto, PMI’s independent Presiding Director, will serve as interim Chairman until the succession of Mr. Calantzopoulos in May. PMI’s current COO, Jacek Olczak, will succeed Mr. Calantzopoulos as Chief Executive Officer immediately after the May meeting. It is anticipated that Mr. Olczak will also be nominated for election to the Board of Directors at the meeting. Mr. Olczak has served as PMI’s Chief Operating Officer since January 2018 and served as Chief Financial Officer from August 2012 through December 2018,” Philip Morris said.
Share price decline since December 2017
The announcement follows a decline in Philip Morris International Inc.’s share price of 18% since December 2017.
In the position of CEO since 2013
André Calantzopoulos became CEO of the Company in 2013.
Calantzopoulos became the Company’s Chief Executive Officer in May 2013.
He served as the Company’s Chief Operating Officer since the Company’s spin-off on March 28, 2008, and until becoming CEO.
Calantzopoulos served as PMI’s President and Chief Executive Officer between 2002 and the date of the Company’s spin-off.
He joined the Company in 1985 and worked extensively across Central Europe, including as Managing Director of PM Poland and President of the EEMA Region.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Philip Morris and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2020 ($).