Philip Morris Names New President

Source from:  ABS-CBNnews.com 08/04/2015

Philip Morris Fortune Tobacco Corp. (PMFTC) has named a new president who will replace Paul Riley.

The firm said Roman Militsyn will take over as the cigarette-maker's new president on August 16.

Militsyn had been assigned as managing director of Philip Morris' affiliate in Argentina since 2011. He started working for Philip Morris, the foreign partner of Lucio Tan's LT Group Inc. in PMFTC, in 1994.

Riley, who will transfer to Philip Morris International in Japan in August, will be assisting Militsyn during the transition period.

Riley held the role of president of PMFTC for more than two years after government raised excise taxes on so-called "sin" products.

PMFTC is the owner of Marlboro, Philip Morris, Fortune, Champion and Jackpot.

LT Group earlier said PMFTC's profits dropped 29 percent to P411 million in the January to March period, from P578 million a year ago. Enditem