By Chelsey Dulaney
Philip Morris International Inc. on Wednesday said Mexican
billionaire Carlos Slim will retire from its board in May.
Mr. Slim, who controls Latin America's biggest
telecommunications company América Móvil, has sat on the tobacco
company's board since it was spun off from Altria Group Inc. in
2008. Mr. Slim had previously served on Altria's board.
"We have benefited tremendously from Carlos' dedicated service
and invaluable advice," Philip Morris Chairman Louis C. Camilleri
said in a news release.
Mr. Slim built much of his business empire buying companies that
had fallen on hard times and turning them around. His other
business interests include mining, construction, auto parts, real
estate, retail and banking.
In 2013, Mr. Slim's conglomerate Grupo Carso agreed to sell the
20% stake it held in Philip Morris' Mexican tobacco business back
to the company.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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