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|Wolf has been Managing Partner of Alpilles, LLC since 2003. Previously, he was Chairman of US Airways Group from 2001 to 2003, and Chief Executive Officer of US Airways, Inc. from 1996 to 1998. Prior to joining US Airways, he had served since 1994 as senior advisor in the investment banking firm of Lazard Frères & Co., LLC. From 1987 to 1994, he was Chairman and Chief Executive Officer of UAL Corporation and United Air Lines, Inc. Wolf is Chairman of the Advisory Board of Trilantic Capital Partners and served as Chairman of R.R. Donnelley & Sons Company from 2004 to 2014. Wolf served as a director of Altria Group, Inc. from 1993 to 2008 and as a director of Fiat Chrysler Automobiles N.V. from 2009 to 2017. He is a trustee emeritus of the Brookings Institute. Wolf is a member of the Audit, Compensation and Leadership Development, Finance, Nominating and Corporate Governance, and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
 
|Wolf has been Managing Partner of Alpilles, LLC since 2003. Previously, he was Chairman of US Airways Group from 2001 to 2003, and Chief Executive Officer of US Airways, Inc. from 1996 to 1998. Prior to joining US Airways, he had served since 1994 as senior advisor in the investment banking firm of Lazard Frères & Co., LLC. From 1987 to 1994, he was Chairman and Chief Executive Officer of UAL Corporation and United Air Lines, Inc. Wolf is Chairman of the Advisory Board of Trilantic Capital Partners and served as Chairman of R.R. Donnelley & Sons Company from 2004 to 2014. Wolf served as a director of Altria Group, Inc. from 1993 to 2008 and as a director of Fiat Chrysler Automobiles N.V. from 2009 to 2017. He is a trustee emeritus of the Brookings Institute. Wolf is a member of the Audit, Compensation and Leadership Development, Finance, Nominating and Corporate Governance, and Product Innovation and Regulatory Affairs Committees.<ref name="pmiexecwebref"/>
 
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|-
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|}
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===Investments in Unconsolidated Subsidiaries===
 +
An unconsolidated subsidiary is a company that is owned by a parent company, but whose individual financial statements are not included in the consolidated or combined financial statements of the parent company to which it belongs. Instead, this type of company appears in the combined financial statement as an investment.<Ref>Investopedia, [https://www.investopedia.com/terms/u/unconsolidated-subsidiary.asp Unconsolidated Subsidiary],2018, Accessed September 2018 </ref>
 +
 +
{| class="wikitable"
 +
! style="font-weight:bold; width: 30%;" | Subsidiary Name
 +
! style="font-weight:bold;" | Country
 +
! style="font-weight:bold;" | Interest amount (percentage)
 +
! style="font-weight:bold;" | Interest Type
 +
! style="font-weight:bold; width: 30%;" | Notes
 +
|-
 +
| Emirati Investors-TA (FZC)
 +
| United Arab Emirates
 +
| 49
 +
| Equity
 +
|
 +
|-
 +
| Société des Tabacs Algéro-Émiratie ("STAEM")
 +
| Algiers
 +
| 25
 +
| Economic
 +
| Algerian joint venture 51 percent owned by EITA and 49 percent  owned by Algerian state-owned enterprise Société Nationale des Tabacs et Allumettes SpA.Manufactures and distributes under license some of Philip Morris International's brands.
 +
|-
 +
| Megapolis Distribution BV
 +
| Russia
 +
| 23
 +
| Equity
 +
| Holding company of CJSC TK Megapolis, Philip Morris International's distributor in Russia
 +
|}
 +
 +
===List of Significant Subsidiaries===
 +
 +
Listed below are subsidiaries of Philip Morris International Inc. as of December 31, 2017 and their state or country of organization. This list omits the subsidiaries of the Company that in the aggregate would not constitute a “significant subsidiary” of the Company, as that term is defined in Rule 1-02(w) of Regulation S-X.<ref> U.S. Securities and Exchange Commission. [https://www.sec.gov/Archives/edgar/data/1413329/000141332918000007/pm-ex21_123117xq4.htm List of Significant Subsidiaries], 2018, Accessed September 2018 </ref>
 +
{| class="wikitable sortable"
 +
! style="font-weight:bold; width: 33%;" |Subsidiary Name
 +
! style="font-weight:bold; width: 33%;" |State or Country of Organization
 +
|-
 +
| f6 Cigarettenfabrik GmbH & Co. KG
 +
| Germany
 +
|-
 +
| Leonard Dingler (Proprietary) Limited
 +
| South Africa
 +
|-
 +
| Limited Liability Company "Philip Morris Sales & Distribution"
 +
| Ukraine
 +
|-
 +
| Massalin Particulares S.R.L.
 +
| Argentina
 +
|-
 +
| Papastratos Cigarettes Manufacturing Company S.A.
 +
| Greece
 +
|-
 +
| Philip Morris Benelux BVBA
 +
| Belgium
 +
|-
 +
| Philip Morris Brands Sàrl
 +
| Switzerland
 +
|-
 +
| Philip Morris Brasil Industria e Comercio Ltda.
 +
| Brazil
 +
|-
 +
| Philip Morris & Company (UK) Limited
 +
| United Kingdom
 +
|-
 +
| Philip Morris CR a.s.
 +
| Czech Republic
 +
|-
 +
| Philip Morris Exports Sàrl
 +
| Switzerland
 +
|-
 +
| Philip Morris Finance SA
 +
| Switzerland
 +
|-
 +
| Philip Morris Finland Ltd
 +
| Finland
 +
|-
 +
| Philip Morris Global Brands Inc.
 +
| USA
 +
|-
 +
| Philip Morris GmbH
 +
| Germany
 +
|-
 +
| Philip Morris Holland B.V.
 +
| Netherlands
 +
|-
 +
| Philip Morris Holland Holdings B.V.
 +
| Netherlands
 +
|-
 +
| Philip Morris International Holdings B.V.
 +
| Netherlands
 +
|-
 +
| Philip Morris International Management SA
 +
| Switzerland
 +
|-
 +
| Philip Morris Investments B.V.
 +
| Netherlands
 +
|-
 +
| Philip Morris Italia S.r.l.
 +
| Italy
 +
|-
 +
| Philip Morris Japan Limited
 +
| Japan
 +
|-
 +
| Philip Morris Kazakhstan LLP
 +
| Kazakhstan
 +
|-
 +
| Philip Morris Korea Inc.
 +
| Korea, Republic of
 +
|-
 +
| UAB "Philip Morris Lietuva"
 +
| Lithuania
 +
|-
 +
| Philip Morris Limited
 +
| Australia
 +
|-
 +
| Philip Morris Manufacturing GmbH
 +
| Germany
 +
|-
 +
| Philip Morris Manufacturing & Technology Bologna S.p.A.
 +
| Italy
 +
|-
 +
| Philip Morris Mexico Productos Y Servicios, Sociedad de Responsabilidad Limitada de Capital Variable
 +
| Mexico
 +
|-
 +
| Philip Morris Mexico, Sociedad Anónima de Capital Variable
 +
| Mexico
 +
|-
 +
| Philip Morris Misr Limited Liability Company
 +
| Egypt
 +
|-
 +
| Philip Morris Operations a.d. Nis
 +
| Serbia
 +
|-
 +
| Philip Morris (Pakistan) Limited
 +
| Pakistan
 +
|-
 +
| Philip Morris Philippines Manufacturing Inc.
 +
| Philippines
 +
|-
 +
| Philip Morris Polska Spolka Akcyjna
 +
| Poland
 +
|-
 +
| Philip Morris Polska Distribution Sp. z.o.o.
 +
| Poland
 +
|-
 +
| Philip Morris Romania S.R.L.
 +
| Romania
 +
|-
 +
| Philip Morris Products S.A.
 +
| Switzerland
 +
|-
 +
| Philip Morris SA Philip Morris Sabanci Pazarlama ve Satis A.S.
 +
| Turkey
 +
|-
 +
| Limited Liability Company "Philip Morris Sales and Marketing"
 +
| Russia
 +
|-
 +
| PHILSA Philip Morris Sabanci Sigara ve Tutunculuk Sanayi ve Ticaret A.S.
 +
| Turkey
 +
|-
 +
| PMFTC Inc.
 +
| Philippines
 +
|-
 +
| PM Tobakk Norge AS
 +
| Norway
 +
|-
 +
| PT Hanjaya Mandala Sampoerna Tbk.
 +
| Indonesia
 +
|-
 +
| PT Philip Morris Indonesia
 +
| Indonesia
 +
|-
 +
| Rothmans, Benson & Hedges Inc.
 +
| Canada
 +
|-
 +
| Tabaqueira II, S.A.
 +
| Portugal
 +
|-
 +
| Tabaqueira - Empresa Industrial de Tabacos, S.A.
 +
| Portugal
 +
|-
 +
| ZAO "Philip Morris Izhora"
 +
| Russia
 
|}
 
|}

Revision as of 18:20, 5 December 2018

Philip Morris International, the world’s largest publicly traded tobacco company, operates in approximately 180 countries and reported 18.31 billion USD in profits in 2017.[1] Philip Morris International, a U.S.-based corporation, only sells its products outside the United States. Philip Morris International was separated from its parent company, the Altria Group, in March 2008, in part to protect the company from increased U.S.-based regulation and Litigation. Philip Morris International and Altria are now legally separate companies.

Company Overview

According to Philip Morris International's website, Philip Morris International is a leading international tobacco company engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States of America. Philip Morris International Inc. is a Virginia holding company incorporated in 1987. The company's vision is for their products to "ultimately replace cigarettes to the benefit of adult smokers, society, our company and our shareholders."[2]

Key Executives

Name Position Bio
André Calantzopoulos Director and Chief Executive Officer

(since 2013)

Calantzopoulos was named Chief Executive Officer and was elected to the Board of Directors on May 8, 2013. He served as Chief Operating Officer from Philip Morris’s spin-off on March 28, 2008 to May 8, 2013. Calantzopoulos was Philip Morris International’s President and Chief Executive Officer between 2002 and the date of the spin-off. After joining the company in 1985, he worked extensively across Central Europe, including as Managing Director of PM Poland and President of the Eastern European Region.

Calantzopoulos holds a degree in electrical engineering from Swiss Federal Institute of Technology in Lausanne and an MBA from INSEAD in France.[3]

Martin King Chief Financial Officer

(since January 2018)

King joined Philip Morris International in 2003 as Managing Director of Tabaqueira SA, Philip Morris International’s Portuguese subsidiary. He was then named Managing Director, Philip Morris Management Co. Ltd in Beijing. Following Philip Morris Indonesia’s acquisition of PT HM Sampoerna Tbk in May 2005, he served as President Director of PT HM Sampoerna Tbk until April 2009. King was appointed Senior Vice President, Operations in April 2009, and President, Latin America & Canada Region in February 2014. Between 2015 and 2017, he held the position of President, Asia Region.

Prior to joining Philip Morris International, King served in various positions within Philip Morris USA between 1991 and 2003.

A graduate of Harvard University with a bachelor’s degree in government, King also holds an MBA from the Darden School, University of Virginia.[3]

Jacek Olczak Chief Operating Officer

(since January 2018)

Olczak joined Philip Morris Polska in 1993 as Manager, Finance and Administration. After serving as Manager, Internal Controls in 1995 in Lausanne, Switzerland, Mr. Olczak returned to Poland in 1996 where he held various positions in finance, sales, and operations. Between 2002 and 2006, Olczak worked extensively across Central Europe and the Baltic States, and in 2004 was appointed Managing Director, Poland & Baltic States. In October 2006, he became Managing Director, Germany & Austria, and from April 2009 until July 2012, he served as President of Philip Morris International’s European Union Region, responsible for managing Philip Morris International operations. From August 2012 until his current appointment, Olczak held the role of Chief Financial Officer.

Prior to joining Philip Morris International, Olczak worked for BDO Binder Sp. z o.o. in London and Warsaw.

Olczak holds a master’s degree in economics from the University of Lodz, Poland.[3]

Paul Riley President, East Asia & Australia Region

(since January 2018)

Riley joined Philip Morris Australia in 1988. Over the following two decades, he held a number of positions in Australia, Hong Kong, and Japan, before being named Managing Director, Serbia & Montenegro in 2010. Riley returned to Asia in 2013, when he became President of Philip Morris Fortune Tobacco Corporation in the Philippines. He was appointed President of Philip Morris Japan in 2015.

Riley holds a degree in technology innovation and services management from the Royal Melbourne Institute, and is a graduate of Harvard Business School.[3]

Marco Mariotti President, Eastern Europe Region

(since January 2018)

Since joining Philip Morris International in 1997, Mariotti has held numerous leadership roles in Argentina and across Europe. He started in business development for the European Union Region and moved to Italy in 2001 as Director, Finance and then Director, Corporate Affairs. In 2005, Mariotti became Managing Director, Argentina, followed by his appointment as Managing Director, Italy in 2008. In 2010 Mariotti was named President, Russia & Belarus and became Senior Vice President, Corporate Affairs in 2015.

Before joining Philip Morris International, Mariotti worked in the financial sector in Switzerland.

Mariotti studied economics in Lausanne, Switzerland, and holds an MBA from INSEAD in Fontainebleau, France.[3]

Frederic de Wilde President, European Union Region

(since July 2015)

De Wilde joined Philip Morris International in 1992 as Brand Manager L&M for Philip Morris Belgium. In 1996 he became Marketing Director for Philip Morris Spain S.L. and four years later Sales Director of Spain. He was then named Managing Director of Philip Morris Greece, where he led the acquisition and integration of the Papastratos Cigarette Manufacturing Company. In 2005 De Wilde became Managing Director of Philip Morris International’s affiliate in Italy, and from January 2008 until the end of June 2011, he held the position of President, Philip Morris Japan KK. In July 2011 de Wilde became Senior Vice President, Marketing & Sales.

Prior to joining Philip Morris International, de Wilde worked at Colgate Palmolive, Belgium from 1991 to 1992 as Regional Sales Manager.

De Wilde holds a degree in economics from the Université Libre de Bruxelles and a master degree in management from the Vrije Universiteit Brussel.[3]

Mario Masseroli President, Latin America & Canada Region

(since July, 2018)

Mr. Masseroli became President, Latin America & Canada Region in July 2018.

Mr. Masseroli joined Philip Morris Argentina in 1998 and served in a variety of roles in Argentina, Switzerland and New York. He was named Managing Director, Guatemala in 2006, followed by his appointment as Director, Corporate Affairs for PMI Spain in 2007. Mr. Masseroli was named Vice President, Corporate Affairs Latin America & Canada in 2009. He then went on to become Managing Director Spain and Canary Islands in 2012, adding responsibility for Portugal in April 2016, a position he held until his current appointment. Mr. Masseroli received a bachelor’s degree from the Torcuato di Tella University in Buenos Aires, Argentina, and master’s degree in business administration from the University of California at Berkeley.[3]

Stacey Kennedy President, South & Southeast Asia Region

(since January 2018)

Kennedy began her career with Philip Morris USA in 1995 as a Territory Sales Manager. She held a number of positions of increasing responsibility in the sales organization, until becoming Vice President Sales, Southeast Region in Atlanta in 2006. In 2010 Kennedy joined Philip Morris International’s Operations Center in Lausanne as Vice President, Sales Strategy, and in April 2013 Area Vice President, Southeast Europe. Kennedy served as Managing Director for Germany, Austria, Croatia, and Slovenia from 2015 until her current appointment.

Kennedy received a bachelor degree in sociology and cultural anthropology from Randolph College in the United States, and an Executive MBA from IMD in Lausanne, Switzerland.[3]

Drago Azinovic President, Middle East, Africa & Philip Morris International Duty Free

(since January 2018)

Azinovic joined Philip Morris Asia Limited in March 2009 as Vice President of Marketing and Sales for Philip Morris International’s Asia Region. He became President of Philip Morris Japan in July 2011, a position he held until July 31, 2012, when he was named President of the European Union Region. In July 2015 he became President, Eastern Europe, Middle East & Africa and Philip Morris International Duty Free. From 1997 until 2009 Azinovic held a variety of positions at Altadis and, after the acquisition of Altadis in 2008, at Imperial Tobacco. Previously, Azinovic had worked at Procter & Gamble. Azinovic received a law degree from the University of Alcalá in Spain and an MBA from Saint Louis University in Missouri (USA).[3]
Marc S. Firestone President, External Affairs and General Counsel

(since January 2018)

Firestone held positions from 1988 to 2003 in the law departments of Philip Morris Companies Inc. and Philip Morris International Inc. Firestone is cofounder and chairman of the Institute for Inclusion in the Legal Profession; adjunct professor of law at New York Law School; a frequent speaker on international antitrust law, diversity, and in-house legal practice; and a recipient of the Director’s Roundtable Distinguished General Counsel award. From 2012 until his current appointment, Mr. Firestone served as Philip Morris International’s Senior Vice President and General Counsel.

Firestone was previously Executive Vice President, Corporate and Legal Affairs and General Counsel of Kraft Foods Inc., where he served since 2003.

Firestone began his legal career as an attorney at Arnold & Porter in Washington, D.C. He received a BA, magna cum laude, in romance languages and philosophy from Washington & Lee University and a JD, magna cum laude, from Tulane University School of Law.[3]

Charles Bendotti Senior Vice President, People & Culture

(since January 2018)

Bendotti joined Philip Morris International in Lausanne in 1999 as Business Analyst. From 2000 until 2006, he served in various cross-functional roles in Marketing & Sales and Business Development in different markets of the Eastern Europe, Middle East & Africa, and Latin America & Canada Regions. Bendotti then became Managing Director, Ecuador & Bolivia, followed by his appointment as Vice President, Human Resources for the Latin America & Canada Region in 2008. In 2012 he was named Vice President, Human Resources Asia, a position he held until December 2016, and then Senior Vice President, Human Resources.

Bendotti holds a master’s degree in international relations, economy, and law from the Graduate Institute of International & Development Studies in Geneva, Switzerland, and an Executive MBA from HEC Paris.[3]


Board Members

Name Position Bio
Louis C. Camilleri Former Chairman of the Board On July 21, 2018 it was announced Ferrari appointed Camilleri as next CEO. [4]

Camilleri was Philip Morris International Chairman, having served as the Chairman and Chief Executive Officer from the spin-off in 2008 until the 2013 Annual Meeting of Shareholders. Mr. Camilleri remained Chairman and an employee of the company following the 2013 Annual Meeting. He retired effective December 31, 2014, and continues to serve as a non-employee Chairman. Before the spin-off, Mr. Camilleri was Chairman and Chief Executive Officer of Altria Group, Inc., positions he had held since 2002. From 1996 to 2002, he served as Senior Vice President and Chief Financial Officer of Altria Group, Inc. He had been employed continuously by Altria Group, Inc. and its subsidiaries (including Philip Morris International Inc.) in various capacities since 1978. Camilleri is a director of América Móvil, S.A.B. de C.V. and Ferrari N.V. He previously served on the Board of Telmex International SAB from 2009 to 2011. Camilleri was a director of Kraft Foods Inc. from 2001 to 2007 and was Kraft’s Chairman from 2002 to 2007.[5]

Harold Brown Director Brown has been a Counselor at the Center for Strategic and International Studies since 1992. He was a partner of Warburg Pincus, a leading private equity firm, from 1990 until his retirement in 2007. Previously, he was Chairman of the Foreign Policy Institute at The Johns Hopkins University School of Advanced International Studies. Brown is President Emeritus and life trustee of the California Institute of Technology and served as Secretary of Defense for the United States from 1977 through 1981. Brown is a member of the board of directors of Chemical Engineering Partners, Inc., a member of the North American Group of the Trilateral Commission and a Trustee Emeritus of the RAND Corporation. Brown served as a Director of Altria Group, Inc. from 1983 to 2003, and again from 2004 to 2008. At Philip Morris International, Brown is Chair of the Product Innovation and Regulatory Affairs Committee and a member of the Compensation and Leadership Development and Finance Committees.[5]
Massimo Ferragamo Director Ferragamo has served as Chairman of Ferragamo USA Inc. since 2000, having previously served as President of that company since 1985. He is also Vice President of the Lungarno Hotel Group and Executive Vice President of the Ferragamo Foundation. Ferragamo is a director of Ferragamo Finanziaria S.p.A. and served on the board of directors of Yum! Brands, Inc. from 1997 until 2016. Ferragamo is a member of the Finance and Product Innovation and Regulatory Affairs Committees.[5]
Werner Geissler Director Geissler became an Operating Partner of Advent International in 2015. He previously served as Vice Chairman and Special Advisor to the Chairman and CEO of Procter and Gamble until his retirement in January 2015. He joined that company in 1979 and served in various capacities, including President, Northeast Asia, from 2001 to 2004, Group President, Central and Eastern Europe, Middle East and Africa, from 2004 to 2007, and Vice Chairman, Global Operations, from 2007 to 2014. Mr. Geissler is a director of The Goodyear Tire & Rubber Company. He is Chair of the Compensation and Leadership Development Committee and a member of the Audit, Finance, and Product Innovation and Regulatory Affairs Committees.[5]
Jennifer Li Director Li currently serves as Chief Executive Officer and Managing Partner of Changcheng Investment Partners, Baidu's newly initiated growth fund. She previously served as Chief Executive Officer and General Managing Director of Baidu Capital, the investment arm of Baidu, Inc. Li joined Baidu, Inc., the largest internet search engine in China and the third-largest independent search engine in the world, in 2008, as Chief Financial Officer, responsible for a wide range of corporate functions, including Finance, Human Resources, International Operations, Marketing, Communications, and Purchasing. From 1994 to 2008, she held a number of senior finance positions at various General Motors companies in China, Singapore, the United States, and Canada, rising to Chief Financial Officer of GM’s business in China and Financial Controller of the North American Operations for GMAC. Li is a director of Flex Ltd. She is the Chair of the Audit Committee and a member of the Finance and Nominating and Corporate Governance Committees.[5]
Lisa Hook Director Hook has served as Chief Executive Officer of Neustar, Inc. since October 2010, as a member of its board since November 2010, and as President since January 2008. She was President and Chief Executive Officer of Sunrocket, Inc. from 2006 to 2007, and held several executive-level posts at America Online, Inc. from 2001 to 2004. Previously, she was a partner at Brera Capital Partners, a global private equity investment firm, managing director of Alpine Capital Group, LLC., an investment banking firm, an executive at Time Warner, Inc., a legal advisor to the Chairman of the Federal Communications Commission, and a senior attorney at Viacom International, Inc. Hook serves on the board of Worldpay, Inc., a payment processing firm. Hook was as a senior independent director of RELX PLC and RELX NV, providers of information solutions, from 2006 to 2016. Previously, she served as a director of Covad Communications, Time Warner Telecom, Inc., and National Geographic Ventures. In 2012, she was appointed by President Obama to serve on the National Security Telecommunications Advisory Committee.[5]
Jun Makihara Director Makihara was employed at Goldman, Sachs & Co. from 1981 to 2000, during which time he was a General Partner for six years, working in New York, Los Angeles, and Tokyo. During his tenure in Tokyo, he was co-head of the investment banking group and the Japanese equities group and also served as co-branch manager. Subsequently, he was Chairman of Neoteny Co., Ltd., a Japanese venture incubator, until 2015. Makihara is a director of Monex Group, Inc. and Shinsei Bank, Ltd. He is a trustee of the Protestant Episcopal Cathedral Foundation in Washington, D.C., and a board member of the Japan Society in New York. He also served on the board of RHJ International S.A. from 2005 to 2014. Makihara is Chair of the Finance Committee and a member of the Audit and Product Innovation and Regulatory Affairs Committees.[5]
Kalpana Morparia Director Ms. Morparia assumed her current position as CEO South and South East Asia for J.P. Morgan Chase in April 2016, having previously served as CEO of J.P. Morgan India since 2008. She is a member of J.P. Morgan’s Asia Pacific Management Committee. Prior to joining J.P. Morgan India, Ms. Morparia served as Joint Managing Director of ICICI Bank, India’s second-largest bank, from 2001 to 2007 and the Vice Chair of ICICI’s insurance and asset management business from 2007 to 2008. Ms. Morparia is a director of Dr. Reddy’s Laboratories Ltd. and Hindustan Unilever Limited. She is Chair of the Nominating and Corporate Governance Committee and is a member of the Finance and Product Innovation and Regulatory Affairs Committees.[5]
Lucio A. Noto Director Noto assumed his current position as Managing Partner of Midstream Partners, LLC in March 2001. He retired as Vice Chairman of ExxonMobil Corporation in January 2001, a position he had held since the merger of the Exxon and Mobil companies in November 1999. Before the merger, Noto was Chairman and Chief Executive Officer of Mobil Corporation. Noto had been employed by Mobil continuously since 1962. Mr. Noto is a director of Penske Automotive Group, Inc. He also served on the boards of IBM from 1995 to 2008, Altria Group, Inc. from 1998 to 2008, Shinsei Bank from 2005 to 2008, Commercial International Bank from 2006 to 2009, and RHJ International S.A. from 2011 to 2015. MNoto is the Presiding Director, and a member of the Audit, Compensation and Leadership Development, Finance, and Nominating and Corporate Governance Committees.[5]
Frederik Paulsen Director Dr. Paulsen has been Chairman of the Ferring Group, a research-driven, specialty biopharmaceutical group since 1988, having joined that company in 1976. Dr. Paulsen is a member of the boards of MGIMO University in Moscow, Russia, and the Pro Universitate of the Christian Albrechts University in Kiel, Germany, and a trustee of the Salk Institute of Biological Research in La Jolla, California, USA. Dr. Paulsen is a member of the Finance and Product Innovation and Regulatory Affairs Committees.[5]
Robert B. Polet Director Polet is currently serving as Chairman of Rituals Cosmetics Enterprise B.V. He was Chairman of Safilo Group S.p.A. from 2011 to 2017, and President, Chief Executive Officer and Chairman of the Management Board of the Gucci Group from 2004 to 2011. Previously, Polet spent 26 years in the Unilever Group in a variety of executive roles, including President of Unilever’s Worldwide Ice Cream and Frozen Foods division, Chairman of Unilever Malaysia, Chairman of Van den Bergh and Executive Vice President of Unilever’s European Home and Personal Care division. He is a director of Safilo Group S.p.A., William Grant & Sons Limited, and Arica Holding B.V. Polet serves on the Compensation and Leadership Development, Finance, Nominating and Corporate Governance, and Product Innovation and Regulatory Affairs Committees.[5]
Stephen M. Wolf Director Wolf has been Managing Partner of Alpilles, LLC since 2003. Previously, he was Chairman of US Airways Group from 2001 to 2003, and Chief Executive Officer of US Airways, Inc. from 1996 to 1998. Prior to joining US Airways, he had served since 1994 as senior advisor in the investment banking firm of Lazard Frères & Co., LLC. From 1987 to 1994, he was Chairman and Chief Executive Officer of UAL Corporation and United Air Lines, Inc. Wolf is Chairman of the Advisory Board of Trilantic Capital Partners and served as Chairman of R.R. Donnelley & Sons Company from 2004 to 2014. Wolf served as a director of Altria Group, Inc. from 1993 to 2008 and as a director of Fiat Chrysler Automobiles N.V. from 2009 to 2017. He is a trustee emeritus of the Brookings Institute. Wolf is a member of the Audit, Compensation and Leadership Development, Finance, Nominating and Corporate Governance, and Product Innovation and Regulatory Affairs Committees.[5]


Investments in Unconsolidated Subsidiaries

An unconsolidated subsidiary is a company that is owned by a parent company, but whose individual financial statements are not included in the consolidated or combined financial statements of the parent company to which it belongs. Instead, this type of company appears in the combined financial statement as an investment.[6]

Subsidiary Name Country Interest amount (percentage) Interest Type Notes
Emirati Investors-TA (FZC) United Arab Emirates 49 Equity
Société des Tabacs Algéro-Émiratie ("STAEM") Algiers 25 Economic Algerian joint venture 51 percent owned by EITA and 49 percent owned by Algerian state-owned enterprise Société Nationale des Tabacs et Allumettes SpA.Manufactures and distributes under license some of Philip Morris International's brands.
Megapolis Distribution BV Russia 23 Equity Holding company of CJSC TK Megapolis, Philip Morris International's distributor in Russia

List of Significant Subsidiaries

Listed below are subsidiaries of Philip Morris International Inc. as of December 31, 2017 and their state or country of organization. This list omits the subsidiaries of the Company that in the aggregate would not constitute a “significant subsidiary” of the Company, as that term is defined in Rule 1-02(w) of Regulation S-X.[7]

Subsidiary Name State or Country of Organization
f6 Cigarettenfabrik GmbH & Co. KG Germany
Leonard Dingler (Proprietary) Limited South Africa
Limited Liability Company "Philip Morris Sales & Distribution" Ukraine
Massalin Particulares S.R.L. Argentina
Papastratos Cigarettes Manufacturing Company S.A. Greece
Philip Morris Benelux BVBA Belgium
Philip Morris Brands Sàrl Switzerland
Philip Morris Brasil Industria e Comercio Ltda. Brazil
Philip Morris & Company (UK) Limited United Kingdom
Philip Morris CR a.s. Czech Republic
Philip Morris Exports Sàrl Switzerland
Philip Morris Finance SA Switzerland
Philip Morris Finland Ltd Finland
Philip Morris Global Brands Inc. USA
Philip Morris GmbH Germany
Philip Morris Holland B.V. Netherlands
Philip Morris Holland Holdings B.V. Netherlands
Philip Morris International Holdings B.V. Netherlands
Philip Morris International Management SA Switzerland
Philip Morris Investments B.V. Netherlands
Philip Morris Italia S.r.l. Italy
Philip Morris Japan Limited Japan
Philip Morris Kazakhstan LLP Kazakhstan
Philip Morris Korea Inc. Korea, Republic of
UAB "Philip Morris Lietuva" Lithuania
Philip Morris Limited Australia
Philip Morris Manufacturing GmbH Germany
Philip Morris Manufacturing & Technology Bologna S.p.A. Italy
Philip Morris Mexico Productos Y Servicios, Sociedad de Responsabilidad Limitada de Capital Variable Mexico
Philip Morris Mexico, Sociedad Anónima de Capital Variable Mexico
Philip Morris Misr Limited Liability Company Egypt
Philip Morris Operations a.d. Nis Serbia
Philip Morris (Pakistan) Limited Pakistan
Philip Morris Philippines Manufacturing Inc. Philippines
Philip Morris Polska Spolka Akcyjna Poland
Philip Morris Polska Distribution Sp. z.o.o. Poland
Philip Morris Romania S.R.L. Romania
Philip Morris Products S.A. Switzerland
Philip Morris SA Philip Morris Sabanci Pazarlama ve Satis A.S. Turkey
Limited Liability Company "Philip Morris Sales and Marketing" Russia
PHILSA Philip Morris Sabanci Sigara ve Tutunculuk Sanayi ve Ticaret A.S. Turkey
PMFTC Inc. Philippines
PM Tobakk Norge AS Norway
PT Hanjaya Mandala Sampoerna Tbk. Indonesia
PT Philip Morris Indonesia Indonesia
Rothmans, Benson & Hedges Inc. Canada
Tabaqueira II, S.A. Portugal
Tabaqueira - Empresa Industrial de Tabacos, S.A. Portugal
ZAO "Philip Morris Izhora" Russia
  1. Philip Morris International website, Philip Morris International 2017 Annual Report, p. 15, Accessed December 2018
  2. Philip Morris International, Philip Morris International 2017 Annual Report, Page 1, Accessed September 2018
  3. 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 Philip Morris International Website, Our Leadership team, 2018, Accessed September 2018
  4. Ferrari Enlists Philip Morris Veteran Camilleri as Next CEO, Bloomberg, July 2018, Accessed September 2018
  5. 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 5.11 Philip Morris International Website, Board of Directors, 2018, Accessed September 2018
  6. Investopedia, Unconsolidated Subsidiary,2018, Accessed September 2018
  7. U.S. Securities and Exchange Commission. List of Significant Subsidiaries, 2018, Accessed September 2018