A heat-not-burn product is a consumer device that warms processed tobacco or nicotine material to generate an inhalable aerosol without burning it, similar to how a hot plate steams food instead of frying it. Investors watch these products because they can change demand for traditional cigarettes, face distinct regulatory and legal risks, and influence long-term revenue and public perception in tobacco and nicotine markets.
nicotine pouchmedical
A nicotine pouch is a small, pre-portioned sachet containing nicotine and flavoring but no tobacco leaf; users tuck it between the lip and gum where nicotine is absorbed through the mouth. Think of it like a tiny tea bag that delivers nicotine without smoking. Investors watch this product because it represents a fast-growing alternative to cigarettes and vaping, affecting sales mix, regulation risk, public perception, and long-term profitability in the nicotine market.
e-vaportechnical
E-vapor is the aerosol that forms when a liquid (“e‑liquid” or “e-juice”) is heated in an electronic cigarette or vaping device; it typically contains nicotine, flavorings and other chemicals suspended as tiny droplets and particles. Investors care because the composition and perceived safety of e-vapor drive consumer demand, regulatory action, taxes, and legal risks—similar to how smoke from a campfire draws attention and rules because of health and neighborhood concerns.
modified risk tobacco productregulatory
A modified risk tobacco product is a tobacco or nicotine product that is marketed with claims it reduces health risks or exposure to harmful substances compared with other tobacco products; such claims are typically subject to regulatory review and approval. For investors, this matters because approved modified-risk status can change consumer demand, legal exposure, labeling requirements and market access—similar to how a government-backed “low-risk” label can alter a product’s sales and liability profile.
pre-clinical systems toxicologymedical
Pre-clinical systems toxicology is the study of a drug or biological product’s potential harmful effects before any human testing, using a mix of laboratory experiments, animal data and computer models to look at how whole organs and body systems respond. For investors, it functions like a safety checklist and early warning system — good results reduce the chance of costly surprises, delays or regulatory setbacks, while problems can signal higher development risk and potential extra expense.
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The appointments strengthen the company’s leadership pipeline as it moves towards a smoke‑free future
STAMFORD, CT--(BUSINESS WIRE)--
Philip Morris International (PMI) (NYSE: PM) announced a series of regional leadership appointments that support its ongoing shift toward a smoke‑free future.
Effective August 1, 2026, Marco Hannappel has been appointed President, Europe Region, and Can Kuterdem has been appointed President, Latin America & Canada Region. These appointments build on PMI’s evolved organizational model announced in late 2025, under which Gijs de Best serves as President, South Asia, Indochina, CIS & Middle East & Africa Region, and Vassilis Gkatzelis continues as President East & Southeast Asia, Pacific and PMI Global Travel Retail Region. The four regional presidents report to Frederic de Wilde - CEO of the International Business Unit of PMI and are the key operational leaders for the unit that generates the large majority of total PMI net revenues.
Marco Hannappel takes over the role of President, Europe Region, succeeding Massimo Andolina, who was recently announced as PMI’s Group Chief Financial Officer, both effective August 1, 2026.
Hannappel brings extensive international experience and a strong track record in leading business growth across complex and highly regulated markets. Since joining the company in 2019 as President and Managing Director Italy, he has held several senior leadership roles of increasing responsibility. He later served as Area Vice President Southwest Europe, managing Italy and Iberia, and most recently, as President of the Latin America & Canada Region.
Can Kuterdem is appointed President, Latin America & Canada Region, effective August 1, 2026, succeeding Marco Hannappel.
Kuterdem is a seasoned business leader with strong general management experience and a people-centric leadership approach. Most recently, as Managing Director, Poland, he transformed one of Philip Morris International’s largest European markets into a multi-category business, driving growth and strengthening organizational engagement. Previously, he served as Vice President Strategy & Program Delivery, Europe Region, where he played a central role in shaping the regional strategy and leading a more integrated approach to execution of business-critical initiatives across markets.
Before joining the company in 2020, he built an international career in consulting and technology, including The Boston Consulting Group and Samsung, where he held senior leadership roles across multiple regions.
Gijs de Best was appointed President, South Asia, Indochina, CIS & Middle East & Africa Region in January 2026. He brings more than 20 years of leadership experience at the company, with a strong track record of driving business performance through consumer-centricity and a passion for developing teams. He began his career at PMI in 2004 as a financial analyst in the Netherlands and has since held a range of increasingly senior roles across multiple markets and regions, most recently as President, Philippines, and Vice President Strategy & Program Delivery.
Vassilis Gkatzelis continues as President, East & Southeast Asia, Pacific and PMI Global Travel Retail Region, a role he assumed in 2024, with expanded accountabilities for Southeast Asia as of 2026. He oversees a diverse set of markets spanning developed and developing economies, alongside the Global Travel Retail business.
Since joining the company in 2003, Gkatzelis has held a wide range of strategic and operational leadership roles across Europe, the Middle East & Africa, Asia Pacific and the Global Operations Center in Switzerland. He brings a strong track record leading business transformation at scale, and building high-performing organizations, with a focus on external engagement and talent development. Prior to his current role, he served as President Director of PT HM Sampoerna Tbk., PMI’s affiliate listed on the Indonesia Stock Exchange, as well as Managing Director of Egypt & Levant Cluster, where he led the build-up and scaling of the smoke-free business.
These appointments reflect Philip Morris International’s continued focus on strengthening leadership capabilities as a leading global consumer goods company. Earlier in 2026 Philip Morris International evolved its organizational model and implemented two new primary business units in addition to its wellness unit Aspeya, reporting to Group CEO PMI Jacek Olczak - PMI International under the leadership of Frederic de Wilde, CEO PMI International, and PMI U.S. – under the leadership of Stacey Kennedy, CEO PMI U.S.
Philip Morris International: A Global Smoke-Free Champion
Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch, and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables - the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumablesand General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.
