A New Trail Boss For Marlboro
It's tough being a tobacco guy these days. The head of Philip Morris USA, William Campbell, launched a price war when he announced that the company would lower the price of Marlboro cigarettes by some 20%, and he is now taking the fall for Marlboro's loss of market share to low-priced smokes. On Apr. 19, Philip Morris announced that Campbell has a new boss--and, effectively, a demotion. Campbell, will now report to Geoffrey Bible. A veteran of the tobacco industry, Bible becomes executive vice-president and will be responsible for Philip Morris' tobacco operations worldwide.