Philip Morris names insider Massimo Andolina as CFO

May 20 (Reuters) - Philip ‌Morris ​International ​on Wednesday named insider Massimo Andolina as its chief financial ‌officer, effective August 1, succeeding Emmanuel ⁠Babeau.

Babeau, appointed as the CFO in May ‌2020, will remain with ‌the company until March 31, 2027, as a strategic advisor to CEO ​Jacek Olczak.

• The appointment comes as the company accelerates its shift ⁠from cigarettes to smoke-free products, where it faces growing ​competition from rivals like British American Tobacco's Velo nicotine pouches.

• Andolina, ​who joined the company ‌in 2008 as the director of global operations, most recently ⁠served as president of the Europe region.

• Babeau, who previously worked at Pernod ⁠Ricard and spent over a decade at ​Schneider Electric, oversaw the 2022 acquisition of rival Swedish Match during his tenure at Philip ‌Morris.

• In April, the company cut its annual profit forecast ‌amid regulatory uncertainty around its Zyn ⁠nicotine pouches and ‌intensifying competition ​in tobacco products.

(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Vijay ‌Kishore)

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