STAMFORD, Conn - Philip Morris International Inc. (NYSE: NYSE:PM), a leading tobacco company, has announced the appointment of Christos Harpantidis as Senior Vice President of External Affairs, effective May 1, 2024. Harpantidis, who has been with PMI since 2003, will take over the role following the departure of Grégoire Verdeaux at the end of April.
The new appointee, Harpantidis, brings a wealth of experience to his new position, having previously managed the company's commercialization strategy for smoke-free products and served as Chairman and Managing Director of Papastratos, PMI's affiliate in Greece.
His tenure at PMI has been marked by efforts to grow the smoke-free consumer base and advocate for regulatory frameworks supportive of the company's smoke-free product ambitions.
Jacek Olczak, CEO of PMI, praised Harpantidis for his past achievements and expressed confidence in his ability to lead the External Affairs function globally. Olczak credited the outgoing Verdeaux for his contributions toward advancing global tobacco harm reduction strategies and fostering policy positions aligned with PMI's objectives.
In his statement, Harpantidis emphasized the importance of continuing transparent dialogue and collaboration with policymakers and public health stakeholders to promote science-based tobacco harm reduction policies.
PMI is actively working towards a smoke-free future, with investments totaling $12.5 billion since 2008 in the development and commercialization of innovative smoke-free products. The company's strategic shift includes a focus on products outside the tobacco and nicotine sector, such as wellness and healthcare through its Vectura Fertin Pharma business.
As of December 31, 2023, PMI's smoke-free products were available in 84 markets, and approximately 20.8 million adults have switched to its IQOS product and stopped smoking. These products accounted for about 37% of PMI's total net revenues for the full year of 2023.
This leadership change is part of PMI’s ongoing commitment to transforming its business and contributing to a smoke-free future. The information for this article is based on a press release statement.
InvestingPro Insights
As Philip Morris International (NYSE: PM) continues to navigate the evolving landscape of tobacco and smoke-free products, its financial health and market performance provide a critical backdrop to its strategic decisions. According to InvestingPro data, PMI boasts an impressive market capitalization of $141.51 billion, underlining the company's significant presence in the industry. The company's commitment to shareholder returns is evident, with a robust dividend yield of 5.7% as of the most recent data, which is particularly notable given the company's history of raising its dividend for 17 consecutive years, as highlighted by one of the InvestingPro Tips.
The firm's financial strength is further demonstrated by its gross profit margin, which stood at a substantial 63.39% for the last twelve months as of Q4 2023. This, combined with a revenue growth of 10.74% during the same period, suggests that PMI is not only managing to maintain profitability but is also experiencing significant growth in its operations. Such financial stability is crucial as the company invests in its smoke-free product portfolio and seeks to transform its business model.
While PMI's stock has been trading near its 52-week low, the company's low price volatility, as per another InvestingPro Tip, may offer a sense of assurance to investors who value stability in their stock holdings. With the next earnings date slated for April 23, 2024, stakeholders will be keen to assess the company's ongoing performance and the impact of its strategic initiatives on its financial outcomes. For those looking to delve deeper into PMI's metrics and gain access to additional insights, there are more tips available on InvestingPro. Plus, readers can use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, offering a more comprehensive analysis to inform their investment decisions.
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