Philip Morris CFO to Retire in July

Marlboro cigarette maker Philip Morris International (NYSE:PM) said its finance head will retire in July and be succeeded by current European Union region president Jacek Olczak.

Philip Morris chief financial officer, Hermann Waldemer, will step down on July 31. His successor, who has led the European division since April 2009, will officially take the reins on August 1.

“Hermann’s decision to take early retirement brings to a close an illustrious career with Philip Morris International that has spanned a quarter of a century,” the company’s chief executive, Louis Camilleri, said in a statement.

Olczak has been with Philip Morris since 1993, serving in a series of increasingly senior positions in finance, sales and operations.

“I have long admired Jacek for his extraordinary intellect, his consistent ability to deliver strong results and his proven leadership skills,” Camilleri said.

Drago Azinovic, who joined the tobacco giant in 2009, will become the new head of the European Union region. He currently serves as president of the company’s affiliate company in Japan.