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PHILIP MORRIS INTERNATIONAL INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

06/16/2021 | 04:06pm EDT
Item 5.02.               Departure of Directors or Certain Officers; Election of Directors;
                         Appointment of Certain Officers; Compensatory Arrangements of Certain

Effective as of August 31, 2021, after over thirty years of service in various roles with Philip Morris International Inc. (the "Company") and its former parent, Martin King, who is currently serving as CEO, PMI America, will retire from the Company. Mr. King's separation arrangements are detailed in his Employment Agreement, effective June 1, 2020, which Employment Agreement was filed by the Company as Exhibit 10.2 to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, and is incorporated herein by reference hereto.

Deepak Mishra, who currently serves as the Company's Chief Strategy Officer, will become the Company's President, Americas Region, reporting to the Chief Executive Officer, effective July 1, 2021. Mr. Mishra will have responsibility for the Company's operations in the United States, Latin America and Canada.

Effective August 1, 2021, Andreas Kurali, who currently serves as the Company's Vice President and Controller, will assume the position as Deputy CFO, Finance Transformation.

On August 1, 2021, Reginaldo Dobrowolski, age 46, will become the Company's Vice President and Controller, and will report to the Chief Financial Officer. Currently, Mr. Dobrowolski serves as the Company's Vice President Corporate Financial Planning, Data & Reporting and has served in that role since May 2019. From October 2014 to April 2019, Mr. Dobrowolski served as the Company's Director, Corporate Financial Planning & Reporting, and from December 2011 to September 2014, he served as the Company's Controller for the Company's EEMA Region.

Mr. Dobrowolski will receive an annual base salary of CHF 450,008 or approximately $503,0001 and will be promoted to salary grade 19. He will be eligible for an annual incentive cash award with a target of 70% of his annual base salary and an equity award with a target of 70% of his annual base salary. The terms of the annual equity awards are consistent with the Company's executive compensation program. Mr. Dobrowolski will be eligible to participate in the Company's benefit plans, all in accordance with the Company's customary terms and policies, and consistent with those for other senior executives.

There are no material arrangements or understandings between Mr. Dobrowolski and any other person pursuant to which he was appointed as an officer of the Company. Mr. Dobrowolski does not have any family relationship with any director or officer of the Company or any person nominated or chosen by the Company to become a director or executive officer. Mr. Dobrowolski's spouse is employed by the Company as its Global Head Corporate Finance & Treasury Planning.2 Her total compensation in 2020 amounted to approximately CHF 472,464 or approximately $528,0001, consistent with the Company's compensation programs.


1Using the average conversion rate on June 10, 2021 of CHF 1.00 = $1.1176. 2Mr. Dobrowolski's spouse reports to the Vice President Treasury and Corporate Finance.


Item 9.01. Financial Statements and Exhibits.

(d)   Exhibits.

10.1                  Employment Agreement with Martin G. King, effective June 1, 2020
                    (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form
                    10-Q for the quarter ended June 30, 2020).

104                Cover Page Interactive Data File (the cover page XBRL tags are embedded
                   within the Inline XBRL document and contained in Exhibit 101).


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