Philip Morris International Inc. (PMI) has announced a long-planned leadership succession, which will be completed in May 2021.

PMI’s current CEO, André Calantzopoulos, was appointed Executive Chairman of the Board, to take effect immediately prior to the Annual Meeting of Shareholders in May 2021. For personal reasons, the current Chairman, Louis Camilleri, expressed his desire to retire as of the day of this announcement. Consequently, Lucio Noto, PMI’s independent Presiding Director, will serve as interim Chairman until the succession of Calantzopoulos in May. PMI’s current COO, Jacek Olczak, will succeed Calantzopoulos as CEO immediately after the May meeting.