Philip Morris International Inc. /zigman2/quotes/201611010/composite PM +0.94% said Monday that it has appointed Emmanuel Babeau as its new chief financial officer, when he joins the cigarette seller on May 1. Current CFO Martin King, who's been in the role since January 2018, will take on the newly created role of chief executive of PMI America. Babeau was most recently deputy CEO at Schneider Electric, where he's been since for the past 10 years. "PMI is undergoing a period of intensive change as we transition away from cigarettes to our science-based smoke-free products-products that are much better alternatives than continued cigarette smoking," said Chief Executive André Calantzopoulos. "We are thrilled that Emmanuel will be joining us to further accelerate the PMI transformation towards a smoke-free future." The stock, which slipped 0.8% in premarket trading, has lost 0.9% over the past three months through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.62% has declined 5.1%.