TI DIGEST CANADA Stay Granted in Canada Case
UNITED KINGDOM
toronto—The three major tobacco companies in Canada have received an order suspending legal proceedings against them—to last potentially till mid-March—in a case brought by several Canadian provinces. A stay of proceedings was first granted to the companies—JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd.— in March of this year to allow them to negotiate a settlement with their creditors, after the same firms lost an appeal in a multibillion-dollar class-action lawsuit in Quebec.
Imperial Brands CEO Steps Down
SWITZERLAND Philip Morris International Launches IQOS 3 DUO lausanne—A new version of Philip Morris International’s IQOS line of neatnot-burn product has been introduced. IQOS 3 DUO features the fastest and most powerful holder within the IQOS family and allows two consecutive uses without recharging the holder with a much faster holder charging time. IQOS 3 DUO will be available in Japan this month and subsequently rolled out in most of the markets
bristol—Alison Cooper and the Board of Imperial Brands have agreed that she will step down from her current role of Chief Executive officer and from the Board once a suitable successor is found. On behalf of the Board, Chairman Mark Williamson, said: “Alison has worked tirelessly and with great energy and passion during her 20 years with Imperial, nine of which have been as CEO, and the Board would like to thank her for the tremendous contribution she has made. “During her tenure as CEO, the business has been significantly simplified and reshaped to strengthen its long-term growth potential, and more than £10 billion in dividends has been returned to shareholders. I am pleased that Alison has committed to continue to lead the business until a successor is appointed, ensuring an orderly transition of responsibilities.” As CEO, Cooper has driven a sharper focus on Imperial’s strongest brands and markets, halving the number of cigarette brands to ensure a higher quality of growth. Asset Brands now account for two thirds of the Group’s tobacco net revenue, the company said. She also significantly enhanced Imperial’s presence in the highly profitable USA market with $7 billion of acquisition of brands and assets in 2014 and has been the architect of the launch and development of Imperial’s next generation products business. While the search for a successor continues, Cooper will focus on driving the performance of the business, including the asset divestment program, from which we expect to realize proceeds of up to £2 billion by May 2020. where IQOS is currently available by the end of 2019. “The launch of IQOS 3 DUO affirms our commitment to constantly and continuously investing in the development and commercialization of scientifically-substantiated products that can help the millions of adults who would otherwise continue to smoke to switch,” said Jacek Olczak, chief operating officer of PMI. “These ongoing product updates, innovations and developments are vital in our achievement of a smokefree future. Today approximately 8 million adults worldwide have switched to IQOS and abandoned cigarettes.” PMI has stated its aim that by 2025 at least 40 million smokers of PMI’s cigarettes who would otherwise continue to smoke will have switched to smoke-
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free products, and that at least 30 percent of its total shipment volume will come from smoke-free products. On average, 70 percent of the smokers who switch to IQOS abandon cigarettes, which makes IQOS the most compelling smoke-free alternative today, said Olczak.
UNITED STATES Altria-PMI Scuttle Merger Plans richmond, va.—The proposal to merge Altria Group, Inc. with Philip Morris International Inc. is history. “While we believed the creation of a new merged company had the potential to create incremental revenue and cost synergies, we could not reach agreement,” said Howard Willard, Altria’s Chairman and Chief Executive Officer.
