Philip Morris International (NYSE:PM) Chief Operating Officer Andre Calantzopoulos is taking over as chief executive officer of the company effective May 8, immediately following the company's annual meeting of shareholders, PMI announced Wednesday. Calantzopoulos will be taking the place of current Chairman and CEO Louis Camilleri, who will remain chairman but give up the CEO's chair on that date.

Calantzopoulos was previously president and CEO of PMI at the time when it was still a division of parent company Altria (NYSE:MO). He has worked, variously for PMI and for Altria, since 1985.

According to SEC filings, Calantzopoulos received total compensation of $15,208,950 from PMI in 2011, while Camilleri received $21,630,117. In its filing announcing the change in management , PMI advised that Calantzopoulos' and Camilleri's compensation in their new roles "will be determined by the Compensation and Leadership Development Committee of the Board of Directors at a later date and promptly announced at that time."

Shareholders are not reacting particularly well to the news today, bidding down PMI shares 0.3% to $90.55.