Martin G. King to retire as CEO PMI America; separation agreement provides CHF 1.27M severance + non-compete payment

Philip Morris International Inc.

Martin G. King retires effective Aug 31, 2021; receives severance of CHF 1,267,506 (~$1.387M).
2021 incentive compensation prorated through termination date, paid Feb 2022 based on company/individual performance.
All outstanding RSUs fully vest on termination date; PSUs vest on original schedule subject to performance.
Non-compete payment of CHF 1,267,506 paid in two installments (Sept 2022 and Sept 2023) with compliance confirmation.
King also receives CHF 35,000 outplacement lump sum and relocation support within one year.

item 5.02 item 9.01

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Departed

Martin G. King

CEO, PMI America

PM · Philip Morris International Inc.

Effective: 2021-08-31
Filed: August 20, 2021, 7:59 PM ET

On June 16, 2021, Philip Morris International Inc. (the “Company”) disclosed that effective August 31, 2021, Martin G. King, who has served in many roles at the Company, but most recently as CEO, PMI America, will retire from the Company.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Martin G. King departed as CEO, PMI America at Philip Morris International Inc..

Action: retire
Role: CEO, PMI America

Exact text from the filing

On June 16, 2021, Philip Morris International Inc. (the “Company”) disclosed that effective August 31, 2021, Martin G. King, who has served in many roles at the Company, but most recently as CEO, PMI America, will retire from the Company.

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Philip Morris International Inc. filing history →

Source: SEC EDGAR

accession 0001413329-21-000070

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