Philip Morris International Inc.: Change in CFO a surprise to us

Research evidence excerpt

Philip Morris International Inc.: Change in CFO a surprise to us

Equity Research

European Consumer Staples

20 May 2026

Philip Morris International Inc.

Change in CFO a surprise to us

PM has announced that it has appointed Massimo Andolina

as its new CFO, succeeding Emmanuel Babeau. Massimo

Andolina will become CFO on August 1st 2026, whilst PM OVERWEIGHT European Consumer

StaplesEmmanuel Babeau will remain at PM as a Strategic Advisor to NEUTRAL

Price Target USD 205.00

the CEO until March 31st 2027. Price (19-May-26) USD 191.57

Potential Upside/Downside +7.0%

Source: Bloomberg, Barclays Research

Philip Morris has announced that it has appointed Massimo Andolina as its new CFO, effective

August 1st 2026. He joined PM in 2008 (age 57 years) and his most recent role was as President,

Europe Region (appointed in 2023). Massimo Andolina succeeds Emmanuel Babeau, who will European Consumer Staples

remain at PM as a Strategic Advisor until March 31st 2027. Whilst this news was unexpected, we Pallav Mittal

do expect this to be a smooth transition for the company. +44 (0)20 7773 1376

pallav.mittal@barclays.com

With this change, we believe PM is planning long-term and developing senior leadership from its Barclays, UK

strong bench. Under Massimo Andolina's leadership, PM delivered robust top- and bottom-line Morayo Adesina

growth in Europe. Before becoming President of Europe region, he was Senior VP, Global +44 (0)20 3134 9537

Operations - he implemented a number of transformation initiatives leading to a sustained morayo.adesina@barclays.com

improvement in PM's margins. Barclays, UK

Warren Ackerman

+44 (0)20 3134 1903

warren.ackerman@barclays.com

Barclays, UK

Laurence Whyatt

+44 (0)20 7773 5324

laurence.whyatt@barclays.com

Barclays Capital Inc.