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In Business This Week
PHILIP MORRIS PICKS A NON-MARLBORO MAN
Philip Morris announced on Mar. 27 that its new chairman will be someone who rose through the food side of the company, not the tobacco side. On Sept. 1, Michael Miles will take over the $51 billion tobacco, food, and beer colossus from retiring Chairman Hamish Maxwell. Miles, 51, was set to move up to the top spot at Kraft until Philip Morris bought it in 1989. He has turned Kraft General Foods into an impressive success: KGF now kicks in 52% of Philip Morris' revenues and 32% of its operating profits.