Philip Morris Names New CEO

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Philip Morris Names New CEO

01/31/2002

NEW YORK - Philip Morris Cos. Inc. yesterday tabbed CFO Louis Camilleri to become its next president and CEO, pending final approval from shareholders at the company's next shareholder meeting in April.

Chairman Geoffrey Bible, who was named CEO in 1994 and became chairman in 1995, will remain in his current position until August, when he reaches the company?s mandatory retirement age of 65.

In addition to promoting Camilleri, Philip Morris, whose long list of products includes Marlboro cigarettes and Miller beer, said its fourth-quarter profits climbed 11 percent, despite the recession and the impact of Sept. 11 on the economy.

The company said it earned $2.166 billion for the quarter, up from $1.95 billion a year earlier. Revenues jumped to $21.97 billion from $19.38 billion a year earlier.

The company's domestic tobacco business, however, posted a 4-percent drop in shipment volume to 49.3 billion units. Overall industry volume fell 5.2 percent to 97.5 billion units, the company said, citing consumer goods data compiled by Management Science Associates.

Shipment volume was dragged down by wholesalers cutting inventory ahead of a January federal excise-tax increase that applied to inventory on hand at the end of 2001, the company said.