Philip Morris International: Andolina appointed CFO; boosting PO to $209

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Philip Morris International: Andolina appointed CFO; boosting PO to $209

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Philip Morris International

Andolina appointed CFO; boosting PO to

$209

Reiterate Rating: BUY | PO: 209.00 USD | Price: 188.92 USD

Andolina steps up to CFO; Babeau to remain advisor 20 May 2026 Corrected

This morning, PM announced the appointment of Massimo Andolina as Group CFO, Equity

effective August 1, 2026, succeeding Emmanuel Babeau, who will transition to a

Strategic Advisor role through March 31, 2027 to support an orderly handover.

Key Changes

(US$) Previous CurrentBabeau’s tenure drove transformation and growth

Mr. Babeau, who joined PM as CFO in May 2020, will be remembered for helping steer Price Obj. 200.00 209.00

the company’s transformation toward a smoke-free portfolio, overseeing the acquisition

and integration of Swedish Match (2022), and restoring adjusted EPS growth (including LisaResearchK. LewandowskiAnalyst

FX) following a period of stagnation prior to his tenure. BofAS

lisa.lewandowski@bofa.com

Andolina’s background brings operational expertise PeterResearchT. Galbo,AnalystCFA

Mr. Andolina joined PM in 2008 and has held several senior roles, including Sr VP, Global BofAS

peter.galbo@bofa.com

Operations, and most recently (since 2023), President of the Europe Region—PM’s

largest and most advanced smoke-free market. In this role, he drove strong top and

bottom-line performance, driven by smoke-free adoption and combustible resilience. We

view Mr. Andolina as bringing deep operational expertise to the CFO role, along with an Stock Data

ability to drive margin expansion through productivity and execution. We expect him to

Price 188.92 USD

remain supportive of PM’s ongoing smoke-free transition and financial framework. Price Objective 209.00 USD