PHILIP MORRIS NAMES NEW CEO

Future of Miller Beer Uncertain

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BOSTON (AdAge.com) -- Philip Morris Cos., New York, today announced that its chief financial officer, Louis C. Camilleri, 47, will take over as chief executive folllowing the retirement of Chairman-CEO Geoffrey Bible.

The 24-year company veteran, who has worked in the company's tobacco and Kraft units, will assume the post April 25.

The company also

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announced net 2001 earnings rose 0.6% to $8.6 billion, based on strong showings from North American food and domestic tobacco.

The company said Miller Brewing Co., its troubled beer business, improved slightly toward year's end but that full-year revenues declined 3% to $4.2 billion.

The company has long said it is in the beer business for the long haul, but Mr. Camilleri today addressed speculation the company might sell or merge Miller. The incoming CEO said the company is "not oblivious to consolidation in the brewing industry" and will act in the best interest of its shareholders.

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