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Philip Morris reports increased dividend, also names Michael Miles new chairman.

The Board of Directors of Philip Morris Cos., Inc., last week declared a quarterly dividend on the common stock of $.525 a share payable October 10 to stockholders of record on September 16.

The dividend is an increase of over 22 percent over the previous quarter's $.43 a share. The increase marks the 27th consecutive increase in the companies quarterly dividend payments over the last 24 years. Over the past 10 years, dividends have grown at an annual rate of 24 percent.

The Philip Morris Board also elected Michael Miles to succeed Hamish Maxwell, effective September 1, as chairman and chief executive officer of the company, Maxwell will continue as executive committee board chairman.

Miles had been Philip Morris' deputy chairman since April 1. According to the company, his election is part of a plan of management succession announced on March 27.

The new chairman served as chairman and chief executive of Kraft General Foods, Inc., and vice chairman and a member of the board of directors of Philip Morris from December 1989 through March 1991.

"Mike Miles will lead a very experienced management team, which will enhance Philip Morris' record and will realize new opportunities for growth around the world," Maxwell reported. "I am confident of their future success."
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Title Annotation:Philip Morris Companies Inc.
Publication:Modern Brewery Age
Article Type:Brief Article
Date:Sep 9, 1991
Words:210
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