Philip Morris International Appoints Business Innovator Bonin Bough to Its Board of Directors
Philip Morris International (PMI) has appointed Bonin Bough as a new member of its Board of Directors, effective immediately. Bough, aged 43, is a well-regarded executive with experience in growth and marketing at notable companies like Unilever and Mondelez International. Interim Chairman Lucio Noto welcomed Bough, emphasizing the importance of digital expertise in PMI's mission to transition to smoke-free products. PMI is committed to replacing cigarettes with smoke-free alternatives and has made significant strides, with approximately 12.7 million adults globally having switched to its IQOS device.
- Appointment of Bonin Bough brings fresh digital expertise to PMI's leadership.
- Bough's background in growth and marketing could drive innovation in smoke-free product development.
- PMI's smoke-free transformation is aligned with global health trends, potentially improving market perception.
- Concerns about potential gaps in continuity with a new board member.
- Bough's appointment may not immediately address regulatory challenges faced by smoke-free products.
Philip Morris International Inc. (PMI) (NYSE: PM) today announced that its Board of Directors has appointed a new member, Mr. Bonin Bough, effective immediately.
Bonin Bough, 43, an American businessman, is the founder and Chief Growth Officer of growth accelerator Bonin Ventures. He has been Chief Growth and Marketing Officer of Sundial Brands (Unilever); television host of CNBC’s “Cleveland Hustles”; Chief Media and E-Commerce Officer of Mondelez International; Vice President, Global Media and Consumer Engagement of Kraft Foods Group; and Chief Digital Officer of PepsiCo.
Mr. Lucio Noto, PMI’s interim Chairman, congratulated Mr. Bough on his appointment and said, “It is with great pleasure that we welcome a member of the new generation of digital-first executives to the Philip Morris International Board of Directors. As we move forward to ‘unsmoke the world,’ an understanding of how to navigate unprecedented societal and commercial change is vital to our success. Bonin Bough brings us a rich background of driving innovation into and through complex organizations.”
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is leading a transformation in the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, society, the company and its shareholders. PMI is a leading international tobacco company engaged in the manufacture and sale of cigarettes, as well as smoke-free products, associated electronic devices and accessories, and other nicotine-containing products in markets outside the U.S. In addition, PMI ships versions of its IQOS Platform 1 device and consumables to Altria Group, Inc. for sale under license in the U.S., where these products have received marketing authorizations from the U.S. Food and Drug Administration (FDA) under the premarket tobacco product application (PMTA) pathway; the FDA has also authorized the marketing of a version of IQOS and its consumables as a Modified Risk Tobacco Product (MRTP), finding that an exposure modification order for these products is appropriate to promote the public health. PMI is building a future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities and scientific substantiation, PMI aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. PMI's smoke-free product portfolio includes heat-not-burn and nicotine-containing vapor products. As of December 31, 2020, IQOS is available for sale in 64 markets in key cities or nationwide, and PMI estimates that approximately 12.7 million adults around the world have already switched to IQOS and stopped smoking. For more information, please visit www.pmi.com and www.pmiscience.com.
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