Philip Morris International announced Wednesday that company veteran Massimo Andolina will take over as chief financial officer beginning August 1st, replacing Emmanuel Babeau in the role.
Babeau, who has held the CFO position since May 2020, will continue working with the tobacco company through March 31, 2027, serving as a strategic advisor to CEO Jacek Olczak.
The leadership transition occurs during a pivotal time as Philip Morris accelerates its transformation away from traditional cigarettes toward smoke-free alternatives, facing increased competition from competitors like British American Tobacco’s Velo nicotine pouches.
Andolina brings extensive company experience to his new role, having started with Philip Morris in 2008 as director of global operations before advancing to his most recent position as president of the Europe region.
During Babeau’s leadership, he guided the company through significant changes including the 2022 purchase of competitor Swedish Match. Before joining Philip Morris, Babeau had worked at Pernod Ricard and spent more than ten years with Schneider Electric.
The company recently reduced its annual earnings projections in April due to regulatory questions surrounding its Zyn nicotine pouches and heightened competition within the tobacco industry.
