Philip Morris International 8-K
CEO/CFO change
Massimo Andolina will replace Emmanuel Babeau as Group CFO in August 2026; Babeau stays as CEO advisor through March 2027 under a separation agreement.
Filed 2026-07-09 16:05 ET
- 5.02 Officer/director change
- 9.01 Financial Statements and Exhibits
Summary
CFO transition and separation agreement. Massimo Andolina is scheduled to replace Emmanuel Babeau as Group CFO on 8/1/2026. Babeau will remain employed as Strategic Advisor to the Group CEO through 3/31/2027.
Key Figures
- Babeau’s current base salary through the separation date: CHF 1,260,012 ($1.56M). His 2026 annual cash incentive award has a target value of 125% of base salary and is subject to continued employment through that date.
- Subject to Board approval and continued employment, he may receive the restricted share unit portion of his 2027 equity award, equal to 40% of the total award he would otherwise be eligible for; he is not eligible for its performance share unit portion.
- Separation benefits include a lump-sum severance payment equal to current base salary (CHF 1,260,012; $1.56M), CHF 393,754 ($489,000) in lieu of his prorated 2027 annual cash incentive award, and full vesting of then-outstanding equity awards. The agreement includes a 24-month non-competition provision.
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