Cigarette manufacturer Philip Morris International Inc. declared recently that its chief financial officer, Hermann Waldemer, intends to leave in July. The trader of Marlboro cigarette and other famous smoking brands sold outside the U.S. explained Waldemer will be succeeded by Jacek Olczak, who at present serves as president of the company’s European Union region, on Aug. 1.

Waldemer, 55, has been Philip Morris International’s fiscal head since the 2008 spin-off from Richmond, Va.-based Altria Group Inc. He became the Philip Morris International head in 1987 and had recently been executive vice president and CFO since 2005.

Olczak, 47, who joined Philip Morris International in 1993, has headed the company’s European Union region since 2009. The company said Drago Azinovic, president of Philip Morris Japan, will succeed Olczak in that role.

Philip Morris International, which has offices in in New York and Lausanne, Switzerland, is the world’s second-biggest tobacco company after China National Tobacco Corp.

Shares decreased by 79 cents to $88.34 in afternoon tobacco selling. Its shares set a high for the year at $91.05 a week ago. They fell as low as $60.45 in early October.