Philip Morris International (PMI) restructured its operations in the Americas recently, elevating former Chief Strategy Officer Deepak Mishra to the office of president, Americas region, and announcing the retirement of PMI America CEO Martin King.
Mishra has been carrying out the duties of his new role since July 1, overseeing the company's business in the United States, Canada and Latin America, PMI said in a release. King will be leaving PMI August 30.
“I am thrilled to name Deepak Mishra, one of our top business leaders, to one of the most important roles for the future of our company,” Jacek Olczak, CEO of Philip Morris International, said in the release. “In less than three years with PMI, he has been instrumental in shaping our long-term strategy and bringing it to life through strategic partnerships and investments. Deepak brings to the role deep expertise in mergers and acquisitions, a likely component of our beyond nicotine strategy. He is both a visionary and a pragmatist, and I have high expectations for -- and full confidence in -- what he will accomplish in his new role.”
Additionally, effective July 1, PMI’s strategy and program delivery function, which formerly reported to Mishra, now reports to CFO Emmanuel Babeau, the company said. Ankur Modi is the new global head for strategy and program delivery.
The changes to PMI's structure in the Americas are focused on three areas, the company said: strengthening PMI’s position in Latin America and Canada as the company moves toward a "smoke-free future;" continuing efforts with partners to commercialize "reduced-risk products" in the U.S.; and preparing to launch the company’s “beyond nicotine” strategy in the U.S., the company said in the release.
Olczak expressed the company's deep appreciation for King’s tenure.
"We are deeply grateful to Martin King for his many years and many accomplishments at PMI, and for the impact he has had in the U.S. in the year he spent getting the market ready for the push we plan to make in bringing both reduced-risk and, eventually, beyond nicotine products to consumers," Olczak said. "Martin is an outstanding business leader and colleague, and we wish him the very best in the years to come.”