Philip Morris Shuffles Management Team to Focus on New America Unit, IQOS
Tobacco company Philip Morris International (NYSE: PM) has named current CFO Martin King as chief executive officer of a newly created division called Philip Morris America. King and his unit will first focus on advancing its IQOS product launched in October, which is an alternative to traditional cigarettes. Emmanuel Babeau, CEO of France's Schneider Electric, will take over as Philip Morris' CFO beginning in May.
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The IQOS device that debuted last year was brought to the market in a partnership with tobacco rival Altria Group (NYSE: MO), though the timing has been unfortunate. While not a vaporizer, which have been linked to thousands of respiratory problem reports as well as a few deaths, the IQOS is similar in its function. That is, rather than heating a liquid until it turns into a vapor, the IQOS HeatStick electronically heats a small block of tobacco without creating combustion, smoke, or ash.
Source Fool.com
