PM

By Stephen Nakrosis

Philip Morris International Inc. said Friday it would change its regional structure by rearranging operations into four regions, down from the current six.

The multinational tobacco company said it expects to complete the changes by the end of January 2023.

As part of the new structure, the company named four members of senior management to oversee each of the newly structured regions.

Paul Riley, currently president, East Asia & Australia, would be appointed president of East Asia, Australia and the PMI Duty Free region.

Frederic de Wilde, currently president, European Union region, would become president of South and Southeast Asia, the Commonwealth of Independent States region, as well as the Middle East and Africa region.

Massimo Andolina, the company's senior vice president, operations, would be appointed president, Europe, the company said.

Deepak Mishra would continue as president, Americas Region.

Meanwhile, Drago Azinovic, who currently serves as president, Middle East and Africa and PMI Duty Free region, would exit the company after a transition period, Philip Morris said.

Jacek Olczak, the company's chief executive, said the changes are being made "to further support the growth of our smoke-free business, reinforce consumer centricity, and increase the speed of innovation and deployment--all in alignment with our ambition of becoming a majority smoke-free business by net revenues by 2025."

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 25, 2022 14:13 ET (19:13 GMT)

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