Reynolds hires PepsiCo exec as next president

Reynolds American Inc, the manufacturer of Winston Classic cigarettes. has raised the diversity level on its executive leadership team again with the hiring of Debra Crew as president of subsidiary R.J. Reynolds Tobacco Co., effective Oct. 1.

Crew currently serves as president and general manager of PepsiCo North America Nutrition, a job she had been appointed to earlier this year. She also has served as president of PepsiCo Americas Beverage and of the Western Europe region of PepsiCo Europe.

The company said Friday that Andrew Gilchrist, president and chief commercial officer of R.J. Reynolds, will become an executive vice president with the parent company, also on Oct.

1. The company said Gilchrist's future role on the 12-member leadership team will be announced at a later date.

Crew will make $620,000 a year, according to a Reynolds regulatory filing Friday. She will get a signing bonus of $525,000 after Jan. 1. She will be eligible for an annual incentive plan payment estimated at $162,750. She has been made eligible for a long-term incentive grant of $1.5 million, vesting March 3, 2017.

Another part of Reynolds' incentive to Crew is agreeing to make her eligible for up to $6.7 million in restricted Reynolds stock units, some of which become fully vested Sept. 30, 2016, and the others Sept. 30, 2018. The restricted stock units are offered "to offset forfeiture of equity incentive grants at your previous employer."

Reynolds has a history of placing female executives into the R.J. Reynolds president role.

Lynn Beasley retired from the post after five years in January 2007 at age 49. Beasley was the highest-ranking officer left from the R.J. Reynolds team thatbought Brown & Williamson Corp. in 2004 to create Reynolds American.

Susan Cameron, Reynolds American's president and chief executive, said in a statement Crew's experience with some of America's best-known consumer brands "is extraordinary."

Philip Morris International, Leading Maker of Cigarettes

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Lorillard, Inc. Announces $500 Million Share Repurchase Program

Lorillard, Inc., the third largest manufacturer of cigarettes in the United States, announced today that the Company's Board of Directors approved a new share repurchase program, authorizing the Company to repurchase in the aggregate up to $500 million of its outstanding common stock.

Purchases by the Company under the new program may be made from time to time at prevailing market prices in open market purchases, privately negotiated transactions, block purchase techniques or otherwise, as determined by the Company's management. The purchases will be funded from existing cash balances.

This program does not obligate the Company to acquire any particular amount of its common stock. The timing, frequency and amount of repurchase activity will depend on a variety of factors such as levels of cash generation from operations, cash requirements for investment in the Company's business, current stock price, market conditions and other factors. The share repurchase program may be suspended, modified or discontinued at any time and has no set expiration date.

 

About Lorillard, Inc.

Lorillard, Inc., through its Lorillard Tobacco Company subsidiary, is the third largest manufacturer of cigarettes in the United States.  Founded in 1760, Lorillard is the oldest continuously operating tobacco company in the U.S.  Newport, Lorillard's flagship premium cigarette brand, is the top selling menthol and second largest selling cigarette brand in the U.S.  In addition to Newport, the Lorillard product line has four additional cigarette brand families marketed under the Kent, True, Maverick and Old Gold brand names. These five brands include 43 different product offerings which vary in price, taste, flavor, length and packaging.  Lorillard, through its LOEC, Inc. subsidiary, is also the leading electronic cigarette company in the U.S, marketed under the blu ecigs brand.  Lorillard maintains its headquarters and manufactures all of its traditional cigarette products in Greensboro, North Carolina.