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MANILA, Philippines – The joint venture of the local unit of global cigarette manufacturer Philip Morris and Lucio Tan-led Fortune Tobacco takes on a new country managing director.
On May 1, Paul Riley will assume the top post at Philip Morris Fortune Tobacco Corp. Inc (PMFTC), which controls more than 90% of the local cigarette industry.
Riley takes over the post of current president Chris Nelson who will be retiring after working for 32 years in the tobacco industry, the company said in an official statement on Wednesday, April 24.
Nelson, who has been the face of Philip Morris — and later, of PMFTC when it combined its business with Fortune Tobacco, which was then the undisputable Lucio Tan-led industry leader in the Philippines — will be retiring in the Philippines.
Under Nelson’s watch, the Philippines passed a law increasing the “sin tax” on cigarette products. The Philippines is one of the few markets where cigarettes remained affordable for decades.
“Chris has long expressed his desire to retire after 10 years in the Philippines with PMPMI (Philip Morris Philippines Manufacturing Inc.) and PMFTC and more than 27 years in Philip Morris International (PMI),” said PMFTC in the statement.
Riley joined Philip Morris in Australia in 1988, then moved on to Hong Kong, Thailand and Japan.
Before his stint in the Philippines, he was managing director of the PMI affiliate in the Republic of Serbia, Montenegro and Central Europe South. – Rappler.com
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