PMI Announces Senior Management Changes

Source from:  Tobacco Reporter 05/09/2012

Philip Morris International said yesterday that Jacek Olczak, currently president of the company's EU region, had been appointed CFO effective August 1. Olczak will replace Hermann Waldemer, who has elected to take early retirement effective July 31. Meanwhile, Drago Azinovic, currently president of Philip Morris Japan, will succeed Olczak in the EU. "Hermann's decision to take early retirement brings to a close an illustrious career with Philip Morris International that has spanned a quarter of a century," said Louis C. Camilleri, chairman and CEO. "His crowning achievement is undoubtedly his invaluable contribution as CFO to our company's tremendous performance since our spin off from Altria Group, Inc., in March 2008. "He is held in the utmost regard by all those who, from within and outside the company, have benefited from his profound business acumen and exemplary leadership skills. "He leaves us with our deepest gratitude and fondest wishes for a long and healthy retirement and well-earned time with his beloved family." After giving résumés of Olczak and Azinovic's careers at PMI, Camilleri said: "These appointments exemplify one of the immense strengths of Philip Morris International, namely the exceptional quality of its employees and the considerable depth of talent of its senior management." Enditem