Altria on Friday announced the retirement of CEO Michael Szymanczyk in May and an agreement with Danish maker of nicotine chewing gum Okono to develop non-combustible tobacco products.

Philip Morris parent company Altria said at its subsidiary Altria Client Services that it has entered into a new partnership with Okono, an affiliate of Danish firm Fertin Pharma to develop "innovative, non-combustible nicotine-containing products for adult tobacco consumers".
Szymanczyk, the company’s 63-year-old chief executive, said he will retire after the company's annual shareholders meeting on 17 May
and will be replaced by Martin Barrington, the group’s vice-chairman.
Both announcements came as Altria said that net profit in its fourth quarter fell by 9 per cent to USD 837 million (EUR 633 million), due to restructuring costs. Revenues were up 3.4 oer cent to USD 6.1 billion, despite volumes of Marlboro declining by 0.6 per cent and those of other premium brands being down 7.2 per cent. Results were helped by a 20 per cent jump in volume at its discount brands, and a 9.7 per cent rise in volumes for its various smokeless products. (pi)