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Philip Morris International Creates New Management Positions to Drive Multicategory Leadership and Accelerate the Achievement of a Smoke-Free Future

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Philip Morris International Creates New Management Positions to Drive Multicategory Leadership and Accelerate the Achievement of a Smoke-Free Future

Business Wire India
Stefano Volpetti Appointed President Smoke-Free Products Category & Chief Consumer Officer
Werner Barth Appointed President Combustibles Category & Global Combustibles Marketing

 

Philip Morris International Inc. (PMI) (NYSE: PM) today announced that the company is establishing a category management structure for its smoke-free and combustible cigarettes businesses to accelerate the delivery of a smoke-free future. Stefano Volpetti, currently PMI’s Chief Consumer Officer, has been appointed President Smoke-Free Products Category & Chief Consumer Officer. Werner Barth, currently PMI’s Senior Vice President Commercial, has been appointed President Combustibles Category & Global Combustibles Marketing.

 

“We are introducing a category management structure to further unlock and enhance PMI’s growth as the company accelerates toward a smoke-free future, ensuring that we remain focused, delivering on what matters, seamlessly—faster, with better quality, and improved cost,” said Jacek Olczak, PMI’s Chief Executive Officer. “Stefano and Werner are leaders of exceptional caliber, and I have every confidence that they will succeed in their new roles, working closely together to achieve a smoke-free future.”

 

“Establishing a global end-to-end category view will be fundamental in further driving our smoke-free products’ growth trajectory, fostering consumer centricity, and leveraging the strengths of our markets and regions as we work together to deliver on our smoke-free future ambitions,” said Volpetti.

 

“The new structure will be paramount in achieving our financial and non-financial targets over the next several years, helping us maintain our competitive position in the cigarette market, which in turn best positions us to significantly accelerate our smoke-free journey,” added Barth.

 

Both leadership appointments will be effective November 1, 2021. The new category management structure ensures greater end-to-end accountability from development to deployment, with the continued cooperation of relevant functions such as Product, Life Sciences, Operations, and IT. Volpetti and Barth will become the strategic owners of each category and will work with the regions and markets to achieve PMI’s business targets. PMI’s six regional Presidents will continue to report to the CEO.

 

Since the launch of PMI’s first smoke-free product IQOS in 2014, the company has made significant progress in reinventing its operating model and expanding its organizational capabilities, while continuing to deliver strong business results. PMI’s smoke-free products are available in 70 markets as of September 30, 2021, and generated approximately 29% of the company’s total net revenues in the third quarter. By 2025, PMI aspires to have its smoke-free products available for sale in 100 markets as of year-end and to generate more than half of its total net revenues for the full year.

 

Executive Bios

 

Stefano Volpetti is a global leader with proven consumer expertise and a track record of transforming brands in complex business environments. Volpetti joined PMI in 2019 as Chief Consumer Officer, driving consumer centricity through the function to deliver “fit-for-use” solutions for market deployment that cover the entire realm of the IQOS brand building, innovation, services, and omnichannel experience. Before joining PMI, Volpetti worked at Procter & Gamble for 22 years, where he progressed through various roles with increasing responsibility, including as a vice president and brand franchise leader for a global division with presence in more than 100 markets. He also worked at Luxottica Eyewear as Chief Marketing Officer in 2015, gaining valuable exposure to retail operations.

 

Werner Barth is a PMI stalwart with a deep knowledge of the business, recognized for his courageous leadership, strategic thinking, and broad business expertise. As PMI’s Senior Vice President, Commercial, a position he held since 2018, Barth built a strong downstream organization, instilling consumer centricity and ensuring seamless deployment of products and programs. Barth joined Philip Morris Germany in 1990 as a trainee, and since then has built his career through key assignments. He was appointed Director Marketing Spain in 2002 and then Director Sales Germany & Austria in 2004. In 2007, he was appointed Managing Director Benelux. He was promoted to Managing Director Germany & Austria in June 2011. In April 2015, Barth was appointed Senior Vice President Marketing & Sales.

 

Philip Morris International: Delivering a Smoke-Free Future

 

Philip Morris International (PMI) is leading a transformation in the tobacco industry to create a smoke-free future and ultimately replace cigarettes with smoke-free products to the benefit of adults who would otherwise continue to smoke, society, the company, its shareholders, and other stakeholders. PMI is a leading international tobacco company engaged in the manufacture and sale of cigarettes, as well as smoke-free products, associated electronic devices and accessories, and other nicotine-containing products in markets outside the U.S. In addition, versions of PMI’s IQOS Platform 1 device and consumables have received marketing authorizations from the U.S. Food and Drug Administration (FDA) under the premarket tobacco product application (PMTA) pathway; the FDA has also authorized the marketing of a version of IQOS and its consumables as a Modified Risk Tobacco Product (MRTP), finding that an exposure modification order for these products is appropriate to promote the public health. PMI is building a future on a new category of smoke-free products that, while not risk-free, are a much better choice than continuing to smoke. Through multidisciplinary capabilities in product development, state-of-the-art facilities, and scientific substantiation, PMI aims to ensure that its smoke-free products meet adult consumer preferences and rigorous regulatory requirements. PMI’s smoke-free product portfolio includes heat-not-burn products, nicotine-containing vapor products, and oral nicotine products. As of September 30, 2021, PMI’s smoke-free products are available for sale in 70 markets in key cities or nationwide, and PMI estimates that approximately 14.9 million adults around the world have already switched to IQOS and stopped smoking. For more information, please visit www.pmi.com and www.pmiscience.com.

 

Forward-Looking and Cautionary Statements

 

This press release contains projections of future results and other forward-looking statements. Achievement of future results is subject to risks, uncertainties, and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.

 

PMI’s business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory, and political developments, natural disasters and conflicts; changes in adult smoker behavior; lost revenues as a result of counterfeiting, contraband, and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI’s future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets, or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; or if it is unable to attract and retain the best global talent. Future results are also subject to the lower predictability of our reduced-risk product category’s performance.

 

The COVID-19 pandemic has created significant societal and economic disruption, and resulted in closures of stores, factories, and offices, and restrictions on manufacturing, distribution, and travel, all of which will adversely impact our business, results of operations, cash flows, and financial position during the continuation of the pandemic. Our business continuity plans and other safeguards may not be effective to mitigate the impact of the pandemic. Currently, significant risks include our diminished ability to convert adult smokers to our reduced-risk products, significant volume declines in our duty-free business and certain other key markets, disruptions or delays in our manufacturing and supply chain, increased currency volatility, and delays in certain cost saving, transformation, and restructuring initiatives. Our business could also be adversely impacted if key personnel or a significant number of employees or business partners become unavailable due to the continuation of the COVID-19 pandemic. The significant adverse impact of COVID-19 on the economic or political conditions in markets in which we operate could result in changes to the preferences of our adult consumers and lower demand for our products, particularly for our mid-price or premium-price brands. Continuation of the pandemic could disrupt our access to the credit markets or increase our borrowing costs. Governments may temporarily be unable to focus on the development of science-based regulatory frameworks for the development and commercialization of reduced-risk products or on the enforcement or implementation of regulations that are significant to our business. In addition, messaging about the potential negative impacts of the use of our products on COVID-19 risks may lead to increasingly restrictive regulatory measures on the sale and use of our products, negatively impact demand for our products, the willingness of adult consumers to switch to our reduced-risk products, and our efforts to advocate for the development of science-based regulatory frameworks for the development and commercialization of reduced-risk products.

 

The impact of these risks also depends on factors beyond our knowledge or control, including the duration and severity of the pandemic, its recurrence in our key markets, actions taken to contain its spread and to mitigate its public health effects, and the ultimate economic consequences thereof.

 

PMI is further subject to other risks detailed from time to time in its publicly filed documents, including the Form 10-Q for the quarter ended June 30, 2021. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.

 

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View source version on businesswire.com: https://www.businesswire.com/news/home/20211027005422/en/

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Press Release

Bitdeer Group’s Customer Obsession Approach Brings It to the World Top Player

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Bitdeer Group’s Customer Obsession Approach Brings It to the World Top Player

Business Wire India

Bitdeer Group, the world’s leading digital asset mining service provider, earlier announced its plans to list on the NASDAQ through a merger with the publicly traded special purpose acquisition company Blue Safari Group Acquisition Corp. The transaction values Bitdeer at an implied enterprise value of approximately $4 billion. It marks Bitdeer Group’s latest achievement on the group level and the success of its business lines that support the group’s thriving growth, which could not have been achieved without Bitdeer’s obsession with its customers that leads to the customer-centric approach throughout the years.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211126005355/en/

 

Bitdeer Group’s Customer Obsession Approach Brings It to the World Top Player (Graphic: Business Wire)

The Iceberg of Success

 

What Bitdeer Group has achieved today is only the visible part of the tip of the iceberg. Over the past years, the group has made a number of strategically decisive moves that helped sharpen its competitive edge and consolidate its leading position in this fiercely competitive market. All of this originates from and is guided by a core concept: customer obsession – the philosophy that any innovations must be driven by what truly matters to customers. For Bitdeer Group, this revolves around three key areas: 1) value-adding service offerings and user-friendly functions, 2) a stable operating entity that abides by laws and mitigates risks, and 3) data privacy and security. To better meet these needs, the group has taken an agile approach in establishing and developing its business lines.

 

Joint-effort and Achievement from Multiple Business Lines

 

As one of the business lines under Bitdeer Group and a highly trusted sharing service platform for digital assets mining, Bitdeer was first launched in December 2018. Bitdeer provided exactly what customers were desperately seeking – a simpler and more accessible approach and channel to acquire cryptocurrencies – at a time when the barrier to entry for crypto mining was a major deterring factor for individual crypto miners and enthusiasts. Alongside the evolving market trends, Bitdeer has diversified its portfolio of offerings by adding state-of-the-art cryptocurrencies and altcoins. Different service modes (Classic and Accelerator) have also been created in response to users’ varying needs. The platform is also localized in 9 languages to provide greater convenience and access to the global community.

 

Mining Datacenter, another major business line under Bitdeer Group, has recently celebrated its achievement in adopting clean and renewable energy, which is a result of its determination to grow responsibly and awareness of environmental impacts arising from the mining operation. This is a pioneering breakthrough in the industry to develop professional and standardized mining facilities, which are capable of operating at optimal levels under various climate conditions and linking up with a range of power supplies supported by the group’s proprietary innovations. It has significantly improved stability and lowered risks associated with electricity supply, so as to provide users with reliability and stability.

 

The boom of the industry on a global scale brings with it both challenges and opportunities. The Outlook of Bitdeer Group remains promising given its customer-centric approach which drives constant innovation and optimization of its products and services. No matter how Bitdeer Group evolves in the future, the mindset of ‘customer obsession’ will always come first and be at its core.

 

About Bitdeer Group

 

Bitdeer Group is the world’s leading digital asset mining service provider. It was founded by Jihan Wu, Co-Founder of Bitmain and Matrixport, with venture investment from Sequoia Capital, IDG, and other well-known investment groups in the blockchain space. Headquartered in Singapore, Bitdeer Group currently operates in the United States and Europe. The Group has three business lines — Bitdeer, Mining Datacenter, and Minerplus — demonstrating the dedication and expertise in becoming the world’s most reliable digital asset mining service provider.

 

For more information, please get in touch with Bitdeer Group:

 

Website: www.bitdeer.com
LinkedIn: www.linkedin.com/company/bitdeer-group
Sales Consultation: sales@bitdeer.com
Business Cooperation: contact@bitdeer.com
Mining Datacenter Partnership: miningcenter@bitdeer.com

 

*Information provided in this article is for general information and reference only and does not constitute nor is intended to be construed as any advertisement, professional advice, offer, solicitation, or recommendation to deal in any product. No guarantee, representation, warranty or undertaking, express or implied, is made as to the fairness, accuracy, timeliness, completeness or correctness of any information, or the future returns, performance or outcome of any product. Bitdeer expressly excludes any and all liability (to the extent permitted by applicable law) in respect of the information provided in this article, and in no event shall Bitdeer be liable to any person for any losses incurred or damages suffered as a result of any reliance on any information in this article.

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211126005355/en/

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Press Release

Mavenir Announces Commercial Availability of 4G Open RAN-based Outdoor Small Cell

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Mavenir Announces Commercial Availability of 4G Open RAN-based Outdoor Small Cell

Business Wire India

Mavenir, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud and transforms the way the world connects, announced today the commercial availability of its 4G Open RAN small cell for outdoor deployments, expanding the MAVair radio and access portfolio of small cells to meet Communications Service Providers’ (CSPs) growing need for enhanced network capacity and coverage. The solution had already been tested and deployed in commercial operation with a Tier 1 European CSP.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211124006039/en/

 

Mavenir’s 4G Open RAN Small Cell for Outdoor deployments. (Photo: Business Wire)

Mavenir’s outdoor small cell (O410) is a customer driven product, that addresses a need for outdoor small cells supporting both distributed and centralized Open RAN architectures. The solution is built on Mavenir’s modular hardware architecture and highly scalable, cloud-native software platforms, the underlying principles which enabled an expedited time-to-market with full architectural and deployment flexibility. Mavenir’s expanded small cells solutions, present a future proof way of building networks that ensures interoperability, vendor competition, element security and reduced operating costs across the RAN. Mavenir’s MAVair Open RAN small cells are market-proven, carrier grade solutions, that are easy to deploy, fully automated, software upgradable, highly scalable and adaptable.

 

The outdoor small cell supports both Split 2 and S1 interfaces and can be configured remotely for full deployment flexibility and upgradability, especially effective in areas where coverage and capacity from the CSPs macro is not available, is not economically viable, or faces zoning issues, etc. Ideal deployments include rural and remote locations, sites which are constrained by size, power, backhaul, and planning restrictions. The solution is plug and play, with zero-touch provisioning and installation, powered with Power over Ethernet (PoE) and offers interfaces with the same Open RAN CU as the macro network, and with common management with macro.

 

“By leveraging our modular hardware architecture and cloud-native scalable software, Mavenir is capable of delivering new products in an agile fashion which integrate and work seamlessly with other network components deployed by CSPs. This 4G outdoor small cell is the precursor for a completely new line of 4G and 5G Open RAN-based small cell products with integrated DU, as well as Multi RAT radio access solutions in general,” said Mavenir’s Aniruddho Basu, SVP and GM of Emerging Business.

 

With the release of the 4G outdoor small cell, Mavenir now has a complete offering of Multi-G (2G/3G/4G/5G), software upgradable, Open RAN-based small cells enabling CSPs to enhance their network capacity and coverage beyond in-building use cases.

 

About Mavenir:

 

Mavenir is building the future of networks and pioneering advanced technology, focusing on the vision of a single, software-based automated network that runs on any cloud. As the industry’s only end-to-end, cloud-native network software provider, Mavenir is focused on transforming the way the world connects, accelerating software network transformation for 250+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. www.mavenir.com

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211124006039/en/

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Press Release

Payhawk Raises $112 Million in the Second Largest Series B in Central and Eastern Europe

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Payhawk Raises $112 Million in the Second Largest Series B in Central and Eastern Europe

Business Wire India
Only seven months after closing its $20m Series A financing round, Payhawk announces its Series B of $112m all equity round led by US investor Greenoaks, who previously invested in high-growth companies like Checkout.com, Robinhood, Stripe and Brex
 
This is the second largest ever Series B for a B2B company in the CEE region after UiPath, and is the largest and fastest Series B in the spend management space across Europe
 
All existing investors, including QED Investors, Earlybird Digital East and Eleven Ventures are participating in the round
 
Payhawk currently serves companies in 27 countries with its company cards and spend management platform across Europe and will continue its global expansion with aims to open offices in the US, Netherlands, France, Australia and Singapore
 
The fintech will use the new funds to accelerate its product roadmap with the launch of a credit card in Q1 2022, and low-cost cross-border transfers as an alternative to SWIFT payments

 

Payhawk, the payments and expense solution with offices in London, Sofia, Berlin and Barcelona, has raised $112 million just three years after its inception, valuing the company at $570m. The Series B round is led by the San Francisco-based investor Greenoaks, who has a strong track record of investing in high-growth technology companies such as Gorillas, Robinhood, Stripe and Brex. All existing investors, including QED Investors, Earlybird Digital East and Eleven Ventures are participating in the round.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211122006123/en/

 

Description: Hristo Borisov CEO left, Boyko Karadzhov CTO centre, Konstantin Djengozov CFO. (Photo: Business Wire)

Currently, finance teams are still bound to a high amount of manual work as they are using multiple disconnected tools for cards, payments, invoices and expense management. Payhawk reduces the amount of manual work by combining those key elements in one platform and therefore acting as a one-stop-shop for finance teams.

 

With high-growth companies, in particular, looking to digitise financial processes, Payhawk emerges as the leading platform for large SMEs and enterprise customers, especially those multinationals who have multiple offices worldwide.

 

In 2021, Payhawk introduced 3% cashback on all payments, new enterprise features, free bill payments, and support for Apple Pay and Google Pay in 30 countries. Since its Series A round, transaction volume through the platform has increased by 663% and continues to grow at 45%+ month-on-month in October. Its customer base consists of a mix of scale-ups and corporates in 27 countries across Europe, including A.T.U, Luxair, Flink, Viking Life and Wagestream.

 

In 2022, Payhawk will continue its expansion by aiming to open offices in the U.S., the Netherlands, Australia and Singapore, enabling the company to further expand its product offering by introducing credit cards and allowing smarter and cheaper cross-border transactions on top of its invoice management system.

 

These expansion and product build plans will run in tandem with growing the marketing and sales team in Payhawk’s key markets of the UK, Germany, Spain and Benelux. To further boost its enterprise focus, the company has appointed Paul Albert as SVP Global Sales, who will lead direct sales, partnerships and customer success.

 

Patrick Backhouse, a Partner of Greenoaks, said, “Ask any business owner, and they’ll tell you that managing corporate spend is among the most frustrating parts of running a company. It requires significant manual work that consumes employee time and introduces substantial room for error. Payhawk turns a fragmented process into a seamless one, providing a single place to manage the entire spending lifecycle from company cards to expenses and bill payments to invoices. We’ve been thrilled to see how fast they’ve grown, already serving a truly global customer base that’s attracted by powerful and delightful software. We think that painful expense reports and bill payments should be a thing of the past, and we are excited to partner with Payhawk on the way to getting there.”

 

Hristo Borisov, CEO and Founder at Payhawk, said, “Managing company cards, especially reports, bill payments, and invoices is currently a disconnected experience bridged by finance teams through a lot of manual work. We are building enterprise software running on global payments infrastructure that automates all spend processes. Our strong product background and engineering team allows us to move at break-neck speed. This, in turn, will enable global enterprises and fast-growing technology companies to transform how they manage their company spending, and improve efficiencies while unlocking employee time to be better spent elsewhere”

 

-ends-

 

About Payhawk
Payhawk is a financial platform that combines expense management, payments and invoice management in one solution and therefore works as a one-stop-shop for finance teams. Its customer base consists of a mix of fast-growing and mature multinational companies like LuxAir, Lotto24, Viking Life, Gtmhub, Flink, MacPaw and By Miles. Payhawk is also leading the digital transformation agenda of companies like A.T.U in Germany, where the product has replaced cash with company cards at more than 550 branches. The fintech is headquartered in London and was founded in 2018 by Hristo Borisov, Boyko Karadzhov and Konstantin Dzhengozov and is supported by renowned investors such as Greenoaks, QED Investors, Earlybird Digital East and Eleven Ventures.

 

About Greenoaks

 

Founded in 2012, Greenoaks is a global investment firm that makes concentrated, long-term investments in technology-enabled businesses around the world. At Greenoaks, we believe a small handful of companies define each generation. Our sole mission is to identify these companies early in their life cycles and partner with their founders for decades. We’ve led investments in companies such as Discord, Brex, and Rippling in the US; Deliveroo and Checkout in Europe; Coupang in South Korea; and Kavak in Latin America.

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211122006123/en/

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