NEW YORK (AP) -- Cigarette maker Philip Morris International Inc. said Monday that its chief financial officer, Hermann Waldemer, plans to retire in July.
The seller of Marlboro and other cigarette brands outside the U.S. said Waldemer will be succeeded by Jacek Olczak, who currently serves as president of the company's European Union region, on Aug. 1.
Waldemer, 55, has been Philip Morris International's financial head since the 2008 spin-off from Richmond, Va.-based Altria Group Inc. He joined Philip Morris International in 1987 and had previously been executive vice president and CFO since 2005.
Olczak, 47, who joined Philip Morris International in 1993, has headed the company's European Union region since 2009. The company said Drago Azinovic, president of Philip Morris Japan, will succeed Olczak in that role.
Philip Morris International, which has offices in in New York and Lausanne, Switzerland, is the world's second-biggest cigarette company after the state-controlled China National Tobacco Corp.
Shares dropped 79 cents to $88.34 in afternoon trading. Its shares set a high for the year at $91.05 a week ago. They fell as low as $60.45 in early October.