Philip Morris Int'l CEO Resigns
NEW YORK (AP) -- The chief executive of Philip Morris Cos.' overseas tobacco business resigned unexpectedly Monday, less than two years after taking charge of the unit.
Paul Hendrys, 53, resigned as president and CEO of Philip Morris International for undisclosed personal reasons, the company said.
``Executives, from time to time, make personal decisions about personal and professional matters and we just don't comment on personal matters,'' said Nicholas M. Rolli, vice president of investor relations and financial communications for Philip Morris.
The company named John R. Nelson, senior vice president of operations for Philip Morris USA, to fill the vacancy left by Hendrys. Nelson, who is 48, and has been with the company since 1982, will move into the new post immediately, Rolli said.
Hendrys' departure ends a 20-year career with Philip Morris and comes just 20 months after he moved into the president's office at Philip Morris International.
He has presided over a business that controls about 14 percent of international tobacco sales and had revenues last year of $27.5 billion. Profits from that business have been hurt lately by currency fluctuations. It also is facing serious challenges, including calls by the World Health Organization to regulate the tobacco business.
But Philip Morris had been pleased with Hendrys' performance and regrets his departure, Rolli said. The company said Hendrys would ``remain available to work with us on matters pertaining to the company for the immediate future.''
Shares of Philip Morris fell 50 cents to close at $26.69 Monday on the New York Stock Exchange.