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NEW YORK - Philip Morris Cos. on Wednesday named chief financial officer Louis C. Camilleri as its new chief executive, The Associated Press reports. Camilleri, 47, will be challenged with leading the world?s No. 1 tobacco company as it faces regulatory challenges and smoking lawsuits worldwide.
The company's board said it would elect Camilleri as president and CEO effective April 25, following the annual stockholders' meeting. He replaces Geoffrey Bible, who will continue as chairman until his scheduled retirement at the end of August.
"The appointment of Louis Camilleri as my successor ... gives me great confidence," Bible said in a release Wednesday. "Time and again, he has demonstrated his people skills, his ability to deliver results and to deliver them with precision, his deep knowledge of our businesses across the world and his superb strategic and financial acumen."
Camilleri joined Philip Morris Europe in 1978 and held several positions while building the company's tobacco business there. He was a senior vice president as well as CEO of Kraft Foods International before becoming Philip Morris CFO in 1996, where he devised financial aspects of the company's landmark tobacco litigation settlement with the states in 1997.