
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.
Notice
1. This article is provided exclusively for professional research purposes related to industry, technology and policy. Any reference to brands or products is made solely for the purpose of objective description and does not constitute an endorsement, recommendation, or promotion of any brand or product.
2. The use of nicotine products, including but not limited to cigarettes, e-cigarettes, and heated tobacco products, is associated with significant health risks. Users are required to comply with all relevant laws and regulations in their respective jurisdictions.
3. This article is strictly restricted from being accessed or viewed by individuals under the legal age.
Copyright
This article is either an original work by 2Firsts or a reproduction from third-party sources with the original source clearly indicated. The copyright and usage rights of this article belong to 2Firsts or the original source. Unauthorized reproduction, distribution, or any other unauthorized use of this article by any entity or individual is strictly prohibited. Violators will be held legally responsible. For copyright-related matters, please contact: info@2firsts.com
AI Assistance Disclaimer
This article may have utilized AI to enhance translation and editing efficiency. However, due to technical limitations, errors may occur. Readers are advised to refer to the sources provided for more accurate information.
This article should not be used as a basis for any investment decisions or advice, and 2Firsts assumes no direct or indirect liability for any errors in the content.