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Chairman Quits Philip Morris
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Michael A. Miles abruptly usasmokingsale.com">Carton Of Cigarettes[/url] resigned as chairman and chief executive officer of Philip Morris Cos. tobacco business and the continued strong growth in international tobacco, it makes usasmokingsale.com">Newport Cigarettes[/url] sense to again have a career Philip Morris executive in the top job," Mr. Miles, 53, said.

Philip Morris stock has been under pressure since early 1993, when the stock traded at more than $75 a share. On April 2, 1993, shares tumbled 21 percent, or $14.625, to $49.50, after the company said it was lowering prices of its market-leading Marlboro cigarettes to compete with cheaper brands.

The stock has languished near that level since then, finishing Friday at $50.375, down 12.5 cents.

John Reed, chairman of Citicorp and of the compensation committee of Philip Morris's board, said the Mr. Miles's decision was personal.

The resignation was not related to recent complaints against tobacco companies, said Nicholas M. Rolli, a spokesman for Philip Morris in New York. He pointed to Mr. Miles's role in deciding to cut cigarette prices to revive business as evidence of the former chairman's commitment vonderhain.com/marlboro">Cigarettes Online[/url] to the tobacco sector.

Mr. Rolli would not comment on Philip Morris's plans to split itself into food and tobacco companies. Like its competitor RJR Nabisco Inc., Philip Morris has raised the possibility of such a move. But Philip Morris has shelved the idea for now.

"The board decided in May to take no action for the foreseeable future and I have nothing to say beyond that," Mr. Rolli said.

RJR was usasmokingsale.com">Cheap Cigarettes[/url] the first to announce a possible split as a way to free its food operations from the negative influence of the tobacco unit on its stock price.

R. William Murray, 58, will take over as chairman, while Geoffrey C. Bible, 56, was named president and chief executive officer. Mr. Murray joined Philip Morris's Europe division in 1970, while Mr. Bible had been the executive vice president for the company's worldwide tobacco division.

Mr. Miles became president and chief executive of Kraft in 1982 and retained that position vonderhain.com/marlboro">Marlboro Cigarettes[/url] after Philip Morris acquired the company in 1988. He was appointed as chairman of the parent company on Sept. 1, 1991.

Philip Morris's earnings jumped 59 percent in the first quarter of 1994, to $1.17 billion, while revenue rose 2 percent, to $15.50 billion. But the 1993 quarter included a one-time accounting charge that made the 1994 results look more favorable.
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