Philip Morris International Executive Compensation (FY25)
PM · Executive and director compensation, fiscal 2022 to 2025
The paid brief on Philip Morris International
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 7, 2026Latest filing (8-K): May 8, 2026
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
$1,500Get the executive brief
285 figures on this page: 276 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
More on Philip Morris International
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jacek Olczak: $20,237,916 → $29,072,171 (43.7% higher)
Say-on-pay support: 95.4% → 95.9% (0.5 points higher)
CEO pay ratio: 430:1 → 672:1 (56.3% higher)
Frequently asked questions
Answers drawn from the data on this page.
What was Philip Morris International's say-on-pay result?
The say-on-pay proposal drew 95.9% of votes cast for or against in favor at the meeting held May 6, 2026 for fiscal 2025.
Which companies are in Philip Morris International's peer group?
The disclosed peer group names Altria Group, Inc., Colgate-Palmolive Co., Diageo plc, Heineken N.V. and Imperial Brands PLC, among others.
What is Philip Morris International's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 672:1, against median employee compensation of $43,244.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Jacek Olczak Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Emmanuel Babeau Chief Financial Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Stefano Volpetti President, Smoke-Free Inhalable Products & Chief Consumer Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Frederic de Wilde President, South and South-East Asia, Commonwealth of Independent States, Middle East & Africa Region | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Drago Azinovic Former President, Middle East & Africa Region and PMI Duty Free | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Jacek Olczak Chief Executive Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Frederic de Wilde President, South and South-East Asia, Commonwealth of Independent States, Middle East & Africa Region | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Emmanuel Babeau Chief Financial Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Stefano Volpetti President, Smoke-Free Inhalable Products & Chief Consumer Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Stacey Kennedy President, Americas Region & CEO of PMI's US Business | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Drago Azinovic Former President, Middle East & Africa Region and PMI Duty Free Departed during or after this year | ◇ | — | ◇ | — | — | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Jacek Olczak Chief Executive Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Emmanuel Babeau Chief Financial Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Frederic de Wilde President, South and South-East Asia, Commonwealth of Independent States, Middle East & Africa Region | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Stacey Kennedy President, Americas Region & CEO of PMI's US Business | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Stefano Volpetti President, Smoke-Free Inhalable Products & Chief Consumer Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Jacek Olczak Group CEO PMI | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Emmanuel Babeau Group Chief Financial Officer | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Frederic de Wilde CEO PMI International | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Massimo Andolina President, Europe Region | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
Stacey Kennedy CEO PMI U.S. | ◇ | — | ◇ | — | ◇ | ◇ | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Emmanuel Babeau | PSU | ◇ | — | — | — | — | — | ◇ |
| Emmanuel Babeau | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Frederic de Wilde | PSU | ◇ | — | — | — | — | — | ◇ |
| Frederic de Wilde | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jacek Olczak | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jacek Olczak | PSU | ◇ | — | — | — | — | — | ◇ |
| Massimo Andolina | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Massimo Andolina | PSU | ◇ | — | — | — | — | — | ◇ |
| Stacey Kennedy | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Stacey Kennedy | PSU | ◇ | — | — | — | — | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Stacey Kennedy | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Massimo Andolina | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Frederic de Wilde | RSU | ◇ | ◇ | — | — |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Emmanuel Babeau | RSU | ◇ | ◇ | — | — |
| Jacek Olczak | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
André Calantzopoulos Board chair | ◇ | ◇ | — | — | — | ◇ | ◇ |
Lisa A. Hook Lead independent director | ◇ | ◇ | — | — | — | ◇ | ◇ |
Michel Combes | ◇ | ◇ | — | — | — | ◇ | ◇ |
Shlomo Yanai | ◇ | ◇ | — | — | — | ◇ | ◇ |
Werner Geissler | ◇ | ◇ | — | — | — | ◇ | ◇ |
Kalpana Morparia | ◇ | ◇ | — | — | — | ◇ | ◇ |
Robert B. Polet | ◇ | ◇ | — | — | — | ◇ | ◇ |
Victoria Harker | ◇ | ◇ | — | — | — | ◇ | ◇ |
Dessi Temperley | ◇ | ◇ | — | — | — | ◇ | ◇ |
Bonin Bough | ◇ | ◇ | — | — | — | ◇ | ◇ |
Juan José Daboub | ◇ | ◇ | — | — | — | ◇ | ◇ |
Jacek Olczak served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Compensation committee chair | ◇ |
| Nominating and governance chair | ◇ |
Equity is delivered as Stock (Common Shares).
Stock ownership guideline: 5x annual cash retainer
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Altria Group, Inc. MO
- Colgate-Palmolive Co. CL
- Diageo plc DGE
- Heineken N.V. symbol not shown
- Imperial Brands PLC symbol not shown
- Japan Tobacco Inc. symbol not shown
- Johnson & Johnson JNJ
- Kimberly-Clark Corporation KMB
- McDonald's Corp. MCD
- Mondelez International, Inc. MDLZ
- PepsiCo, Inc. PEP
- Roche Holding AG symbol not shown
- The Coca-Cola Company KO
- The Kraft Heinz Company KHC
- The Procter & Gamble Company PG
- Unilever NV and PLC UL
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 6, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 7, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 8, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 3, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 4, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 5, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 6, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 1, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | May 9, 2018 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact Philip Morris International disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Philip Morris International sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about accessMultiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
285 figures on this page: 276 cited to the filing that reported them, 9 calculated from figures it prints.
276 cited to the filing
9 calculated from the filing
Documents cited
- 0001628280-26-032644Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001628280-26-0211692025 Director Compensation Table · Grants of Plan-Based Awards During 202 · Outstanding Equity Awards as of December 31, 2025 · PAY RATIO · and 1 more section
- 0001413329-25-000104
- 0001104659-25-028420Compensation of Directors · Summary Compensation Table
- 0001413329-24-000100
- 0001413329-23-000151
- 0001104659-23-036062Summary Compensation Table
- 0001413329-22-000038
- 0001413329-21-000027
- 0001413329-20-000036
- 0001413329-19-000038
- 0001413329-18-000028
- 0001104659-24-039955Summary Compensation Table
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Philip Morris International executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PM (accessed 2026).
Short form: data: Velarion
The paid brief for Philip Morris International
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Philip Morris International discloses
The companies named in PM's own disclosed peer group.
Terms on this page
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}