Summary
Philip Morris International Inc. (PM) filed an 8-K on May 8, 2013, announcing a significant leadership transition. Louis C. Camilleri stepped down as CEO, effective immediately after the Annual Meeting of Shareholders, but will continue as Chairman of the Board and as an employee. André Calantzopoulos has been appointed as the new CEO and was also elected to the Board of Directors. This transition aligns with a previously disclosed succession plan. Key details surrounding Mr. Calantzopoulos's appointment include a requirement for him to use company or private aircraft for all travel, including personal use, for security reasons. He will reimburse the company for personal usage exceeding an aggregate incremental cost of $200,000 annually. The filing also provides the results of the company's Annual Meeting of Shareholders, where all director nominees were elected, the appointment of PricewaterhouseCoopers SA as independent auditors was ratified, and executive compensation was approved on an advisory basis. Compensation details for the outgoing and incoming CEOs will be determined and announced later.
Key Highlights
- 1CEO Transition: Louis C. Camilleri relinquished his CEO role to André Calantzopoulos, who also joined the Board of Directors.
- 2Continuity in Leadership: Louis C. Camilleri will remain as Chairman of the Board and an employee.
- 3New CEO's Travel Arrangements: New CEO André Calantzopoulos will use company/private aircraft for all travel, with personal use costs exceeding $200,000 reimbursed to the company.
- 4Director Elections: All thirteen director nominees were overwhelmingly elected by shareholders.
- 5Auditor Ratification: PricewaterhouseCoopers SA was ratified as the independent auditor.
- 6Executive Compensation Approval: Shareholders approved executive compensation on an advisory basis.
- 7Compensation Details Pending: Specific compensation for Camilleri and Calantzopoulos in their new roles will be determined and announced later.