Philip Morris International

CEO Jacek Olczak and CFO Emmanuel Babeau are career operators with deep consumer and finance pedigrees. Under their tenure, PMI executed the U.S. IQOS rights reacquisition, settled the ITC dispute, integrated Swedish Match, navigated German tax headwinds, and continued to lift margins while scaling smoke‑free globally.

Communication is clear on KPIs (mix, IMS, users) and cash conversion. The Vectura chapter shows they can pivot away from sub‑scale adjacencies. We assess governance and execution as strong, with incentives aligned to the smoke‑free transformation and cash generation.