May 20 (Reuters) – Philip Morris International on Wednesday named insider Massimo Andolina as its chief financial officer, effective August 1, succeeding Emmanuel Babeau.
Babeau, appointed as the CFO in May 2020, will remain with the company until March 31, 2027, as a strategic advisor to CEO Jacek Olczak.
• The appointment comes as the company accelerates its shift from cigarettes to smoke-free products, where it faces growing competition from rivals like British American Tobacco’s Velo nicotine pouches.
• Andolina, who joined the company in 2008 as the director of global operations, most recently served as president of the Europe region.
• Babeau, who previously worked at Pernod Ricard and spent over a decade at Schneider Electric, oversaw the 2022 acquisition of rival Swedish Match during his tenure at Philip Morris.
• In April, the company cut its annual profit forecast amid regulatory uncertainty around its Zyn nicotine pouches and intensifying competition in tobacco products.
(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Vijay Kishore)
