Philip Morris International (PMI) appointed Jacek Olczak as CEO following the company’s 2021 annual shareholders meeting on May 5. Most recently the company’s chief operating officer, Olczak was also elected to the board of directors. Andre Calantzopoulos, who served as PMI’s CEO from 2013, was appointed executive chairman of the board prior to the meeting. Lucio Noto stepped down from his role as interim chairman of the board and was reelected to the board of directors.
In accepting his appointment as CEO, Olczak committed to accelerating PMI’s smoke-free transformation, announced in 2016. The company says it 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.
“I am humbled and excited to lead PMI as we accelerate our transformation into a smoke-free company,” said Olczak in a statement. “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.”
We will lean into our scientific research and expertise, using our collective skills and imagination to innovate beyond our existing portfolio.
Olczak 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.
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 chief operating officer, 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 Olczak led PMI’s commercial transformation, successfully developing it from a primarily business-to-business company to an increasingly business-to-consumer company.
Jacek is ideally placed to deliver PMI’s smoke-free vision in his new role as CEO.
“Jacek is ideally placed to deliver PMI’s smoke-free vision in his new role as CEO,” said Calantzopoulos. “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’ 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.”
Approximately 85 percent of the shares entitled to vote were represented at the meeting in person or by proxy. The shareholders elected 13 nominees for director; approved, on an advisory basis, the compensation of named executive officers; and ratified the selection of PricewaterhouseCoopers as independent auditors.