Philip Morris International announced on May 20 that Massimo Andolina, an internal executive, will assume the role of chief financial officer effective August 1. He will succeed Emmanuel Babeau, who has served as the companys CFO since May 2020.
Under the transition plan, Babeau will remain with the company through March 31, 2027, serving as a strategic advisor to CEO Jacek Olczak. The extended advisory role is intended to provide continuity through the handover.
Andolina is a long-standing member of the company, having joined in 2008 as director of global operations. In his most recent position prior to the appointment, he served as president of the Europe region.
The move comes as Philip Morris continues to expedite its shift away from traditional cigarettes toward smoke-free alternatives. The company is operating in an increasingly contested market for noncombustible products, where rivals are expanding their offerings. The company specifically faces competition from products such as British American Tobaccos Velo nicotine pouches.
During Babeaus tenure at Philip Morris, he oversaw the 2022 acquisition of Swedish Match, a notable transaction for the companys smoke-free portfolio. Before joining Philip Morris, Babeau held roles at Pernod Ricard and spent more than a decade at Schneider Electric.
In April, amid regulatory uncertainty surrounding Zyn nicotine pouches and heightened competition across tobacco products, Philip Morris cut its annual profit forecast. That guidance adjustment underscores the commercial and regulatory pressures facing the company as it shifts product mix.
This leadership change pairs a long-serving internal appointment with an extended advisory period for the outgoing CFO. The company frames the decision within the broader strategic context of accelerating the transition to smoke-free products while managing external headwinds in the category.