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Outgoing Philip Morris Int'l CEO made $24M

Michael Felberbaum, AP Tobacco Writer

RICHMOND, Va. (AP) -- Philip Morris International Inc. is giving outgoing CEO Louis Camilleri a pay package valued at about $24.7 million for fiscal 2012, up more than 23 percent from the previous year.

That's according to an Associated Press analysis of data that the overseas Marlboro cigarette maker filed with regulators.

Camilleri's salary was $1.75 million and he received a $7.5 million performance-based bonus. The value of his stock awards increased 65 percent to $15 million.

Last year Philip Morris International's profit grew 2.4 percent to $8.8 billion. Revenue excluding excise taxes rose about 1 percent to $31.4 billion. Shipments rose more than 1 percent to 927 billion cigarettes.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.