|Photo: Philip Morris|
|Philip Morris chairman Geoffrey Bible.
Behind the Philip Morris Name-Change Plan
An In-Depth Backgrounder
The company first proposed the name change in November in an effort to more easily identify the corporate parent from its tobacco divisions Philip Morris USA and Philip Morris International.
Brand consultancy Landor Associates, San Francisco, a unit of WPP Group, developed the new name and logo.
Units keep names
The date the name change will occur is up to the discretion of the board. The corporation's operating units, which include Kraft Foods and Miller Brewing Co. in addition to its cigarette units, will retain their names.
Also today, the board elected Louis Camilleri president-CEO of Philip Morris Cos., as expected. The former chief financial officer succeeds Geoffrey Bible, who will remain chairman until August.
In addition, the company reaffirmed previous projections of underlying earnings per share growth of 9% to 11% this year.