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Fewer Smokers Pushes Philip Morris Out Of Altria

Aug 30, 2007, 5:00 AM
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Due to a declining number of U.S. smokers and a growing number of smokers in developing countries, Altria Group plans to jettison its Philip Morris International (PMI) unit; a decision on timing is expected at the Jan. 30 board meeting.

Altria CEO Louis Camilleri would become chairman/CEO of PMI, and Michael Szymanczyk, CEO of Philip Morris USA, would become Altria's chairman/CEO.

The company spun off Kraft Foods Inc., the world's second-largest food company behind Nestle SA, in March after falling profit from food sales hurt Altria's earnings.

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