Philip Morris International appoints Jacek Olczak as new CEO
By Kim Hyun-bin
To better fuel Philip Morris International's (PMI) corporate vision of creating a smoke-free future, the company has newly appointed Jacek Olczak as CEO to lead the change.
Olczak is well-known for his efforts to lead the company's shift to smoke-free cigarettes, since the company announced the initiatives in 2016.
Newly appointed Philip Morris International CEO Jacek Olczak / Courtesy of Phillip Morris
The company is focused on developing, scientifically substantiating and responsibly commercializing smoke-free products that are less harmful than traditional cigarettes.
During his time as chief operating officer (COO), Olczak has increased sales of PMI's smoke-free cigarettes, which increased to 28 percent by the first quarter of this year. His efforts to enter into new markets has produced substantial results. As of the end of March the company's signature IQOS electric cigarettes have been sold in 66 countries around the world. Around 14 million adult smokers are predicted to have switched from traditional cigarettes to IQOS.
“I am humbled and excited to lead PMI as we accelerate our transformation into a smoke-free company. 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,” Olczak said. ”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.”
"Jacek is ideally placed to deliver PMI's smoke-free vision in his new role as CEO. 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,” said Andre Calantzopoulos, executive chairman of Phillip Morris. “I believe he is the ideal leader to ensure our business's 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."
He recieved a master's degree in economics from the University of Lodz, Poland, and began his career with PMI in 1993. He started in finance and general management positions across European branches taking over key roles 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 (CFO) from 2012 to 2018, until becoming PMI's COO.