NY-PHILIP-MORRIS-INTL

Philip Morris International Inc. (PMI) (NYSE: PM) today announced senior management changes to further accelerate its rapid transition to a substantially smoke-free company.

Effective January 1, 2024, Dr. Moira Gilchrist will be promoted to Chief Communications Officer and join PMI’s Senior Management Team. Moira has had a distinguished career at PMI since joining the organization’s R&D function in 2006, serving most recently as VP, Strategic and Scientific Communications. In her new position, she will report to Chief Executive Officer Jacek Olczak.

Also effective January 1, 2024, Marian Salzman, currently SVP, Global Communications, will assume the position of SVP & Chief Corporate Citizenship Officer. After more than five years spent building the Global Communications function, Marian will return to the U.S. to serve as a driving force in developing PMI’s business in the U.S. market.

“Moira has been an essential part of my team for more than five years, and I am delighted that she will take over the reins of the Global Communication function as I shift my focus to the U.S. market,” said Marian Salzman. “She has been instrumental in shaping the strategy of PMI’s Global Communications function as we evolve the business and advance our smoke-free mission. I’m excited to see all she will accomplish as she steps up to lead the function.”

“Over the past 17 years, Moira has demonstrated an outstanding ability to build focused and high-performing teams, always seeking fresh perspectives and insights to drive a culture of curiosity and continuous improvement,” said CEO Jacek Olczak. “Coupled with her superb communication skills, these attributes will serve the company well as we pursue our ambitious goal of being a substantially smoke-free company by 2030, with the aim of more than two-thirds of our total net revenues coming from smoke-free products.”

“It is a privilege to have been selected to take the baton from Marian and lead our communications function globally,” said Moira Gilchrist. “Marian has changed everything about how we communicate as a company, and she has had a tremendous influence on me and the extended team. We are a far stronger and more dynamic function today, and I am excited to build on her achievements to continue to move us forward.”

Since joining PMI in 2006, Moira has held several positions, including leading the Reduced-Risk Products Corporate Affairs team, serving as Director of Scientific Engagement within the R&D function, and working in both product development and commercialization. Prior to joining the company, Moira worked in the pharmaceutical sector for more than a decade. She was a principal consultant within PwC’s and IBM’s pharmaceutical industry consulting groups and held positions within both industry and nonprofit organizations as a developer of drug formulations. Moira holds a degree in Pharmacy and a PhD in Pharmaceutical Sciences, both from the University of Strathclyde in Glasgow, Scotland.

Forward-Looking and Cautionary Statements

This press release contains projections of future results and goals and other forward-looking statements, including statements regarding expected financial or operational performance; market expectations; and business plans and strategies.

Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.

PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia's invasion of Ukraine; changes in adult smoker behavior; the impact of COVID-19 on PMI's business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; if it is unable to attract and retain the best global talent, including women or diverse candidates; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our reduced-risk product category's performance.

PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2022 and Form 10-Q for the nine months ended and the quarter ended September 30, 2023. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.

Philip Morris International: Delivering a Smoke-Free Future

Philip Morris International (PMI) is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, PMI has invested more than USD 10.5 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In November 2022, PMI acquired Swedish Match – a leader in oral nicotine delivery – creating a global smoke-free champion led by the companies’ IQOS and ZYN brands. The U.S. Food and Drug Administration has authorized versions of PMI’s IQOS Platform 1 devices and consumables and Swedish Match’s General snus as Modified Risk Tobacco Products. As of September 30, 2023, PMI's smoke-free products were available for sale in 82 markets, and PMI estimates that approximately 19.7 million adults around the world had already switched to IQOS and stopped smoking. Smoke-free products accounted for approximately 36.2% of PMI’s total third-quarter 2023 net revenues. With a strong foundation and significant expertise in life sciences, PMI announced in February 2021 its ambition to expand into wellness and healthcare areas and, through its Vectura Fertin Pharma business, aims to enhance life through the delivery of seamless health experiences. For more information, please visit www.pmi.com and www.pmiscience.com.

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