New President at PMFCT

Gijs Lambert Johan de Best will take over as president of Philip Morris Fortune Tobacco Co. (PMFTC) in the Philippines, succeeding Denis Gorkun who has been the company’s president since September 2019, reports The Philippine Star.

Gorkun will step down at the end of this month, concluding a nearly 30-year career at PMI.

De Best is currently Philip Morris International’s vice president strategy and program delivery for South and Southeast Asia, the Commonwealth of Independent States and Middle East and Africa.

After starting as a financial analyst at PMI’s Netherlands office in August 2004, he held managerial positions in Belgium, Spain, Switzerland, Germany, eventually becoming director of business development during his time in Hong Kong.

PMFTC is a partnership between PMI and LT Group’s Fortune Tobacco Corp., which owns 49.6 percent of PMFTC. In 2023, the firm held 55.2 percent share of the Philippines’ tobacco market.

PMFTC’s net income declined 26 percent last year to PHP11.38 billion ($198.05 million). LT Group attributed the drop to an industry-wide price increase in the first quarter of last year, which depressed sales.

Rising illicit cigarette trade incidence and trade inventory movements also contributed to the lower income, according to LT Group.