Vilnius, Lithuania— May 6 — Philip Morris International Inc. (PMI) (NYSE: PM) announced that Jacek Olczak was appointed CEO following the company’s 2021 Annual Shareholders Meeting on May 5. Mr. Olczak—most recently the company’s Chief Operating Officer—was also elected to the Board of Directors. André Calantzopoulos, who served as PMI’s Chief Executive Officer, was appointed Executive Chairman of the Board prior to the meeting.

In accepting his appointment as CEO, Mr. Olczak committed to accelerating PMI’s smoke-free transformation, announced in 2016. The company is focused on developing, scientifically substantiating, and responsibly commercializing smoke-free products that are less harmful than smoking, with the aim of replacing cigarettes as soon as possible.

Mr. Olczak said: “I am humbled and excited to lead PMI as we accelerate our transformation into a smoke-free company. PMI is an industry leader in scientific innovation, and our ambition is that more than half of our net revenues will come from smoke-free products in 2025. Our evolving portfolio will drive our long-term future. We will lean into our scientific research and expertise, using our collective skills and imagination to innovate beyond our existing portfolio and explore new areas of business development.”

Mr. Olczak, 56, began his career with PMI in 1993. He started in finance and general management positions across Europe, including as Managing Director of PMI’s markets in Poland and Germany and as President of the European Union Region, before being appointed Chief Financial Officer in 2012. He held that position until 2018, when he became PMI’s Chief Operating Officer. He holds a master’s degree in economics from the University of Lodz, Poland.

Mr. Olczak has been a vital driver of PMI’s smoke-free transformation, which moved into its commercialization phase with the launch of IQOS in Nagoya, Japan, in 2014. Under his oversight as COO, PMI increased the portion of its net revenues derived from smoke-free products to 28 percent in the first quarter of 2021. Further, the company grew the geographical coverage of its smoke-free products from zero to 66 markets in key cities or nationwide as of March 31, 2021. And Mr. Olczak led PMI’s commercial transformation, successfully developing it from a primarily business-to-business company to an increasingly business-to-consumer company.

Mr. Calantzopoulos said: “Jacek is ideally placed to deliver PMI’s smoke-free vision in his new role as CEO. His passion for the company and our employees underpins his drive for results, as does his deep knowledge of our products, systems, values, and investors. I believe he is the ideal leader to ensure our business’s continued growth and deliver shareholder value. I look forward to continuing to work with him in my new capacity as Executive Chairman of the Board.”

According to the latest PMI data (March 31, 2021), more than 14 million former smokers worldwide have proved their acceptance to smoke-free products by switching to alternatives and quitting cigarettes. The company currently sells smokeless products in 66 markets worldwide.

PMI heated tobacco products are available in all Baltic States – in Lithuania since 2017, in Latvia – since 2018, and in Estonia since December 2020.

Philip Morris International:

Philip Morris International (PMI) is leading a transformation in the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, society, the company and its shareholders. PMI is a leading international tobacco company engaged in the manufacture and sale of cigarettes, as well as smoke-free products, associated electronic devices and accessories, and other nicotine-containing products. For more than 15 years, Philip Morris International has been developing less harmful, smokeless technology-based products to combat the harms of smoking. More than 400 scientists from various fields have been involved in their emergence. In 2020 the U.S. Food and Drug Administration (FDA) has authorized the marketing of IQOS as a Modified Risk Tobacco Product (MRTP), finding that an exposure modification order for these products is appropriate to promote the public health. PMI is building a future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, PMI aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements.  As of March 31, 2021, PMI’s smoke-free products are available for sale in 66 markets, and PMI estimates that approximately 14.0 million adults around the world have already switched to IQOS and stopped smoking.