New President Appointed to Lead PMFTC in the Philippines
According to The Philippine Star, on April 20, Gijs Lambert Johan de Best will be taking over as the president of Philip Morris Fortune Tobacco Corporation (PMFTC), replacing Denis Gorkun who has been serving as the company's president since September 2019. Gorkun is set to resign at the end of April, marking the end of his five-year term at PMFTC and nearly 30-year career at PMI.
Debest currently serves as the Vice President of Strategy and Project Delivery for South Asia, Southeast Asia, the Commonwealth of Independent States, and the Middle East and Africa at Philip Morris International. In August 2004, he began his career at PMI as a financial analyst in the Netherlands office before holding management positions in Belgium, Spain, Switzerland, and Germany, ultimately serving as Director of Business Development in Hong Kong.
PMFTC is a joint venture between PMI and LT Group's Fortune Tobacco Corp., which owns 49.6% of PMFTC. In 2023, the company holds a 55.2% market share in the tobacco industry in the Philippines. PMFTC stated that it was during Gorcun's tenure that the company's smoke-free products were commercialized in the country.
The tobacco division of LTG saw a 26% decrease in net profit last year, dropping from 15.34 billion pesos to 11.38 billion pesos. LT Group attributed this decline to industry-wide price increases in the first quarter of last year, which suppressed sales. LT Group stated that the rise in illegal cigarette trade and changes in trade inventory also contributed to the decrease in revenue.
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