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Philip Morris International
As a leading international company producing top cigarette brands, the need for the effective and professional management of international FX and finance risks at Philip Morris International cannot be overstated. In this text, I concern myself with the individual tasked with the international financial management of the firm, his background and the approach he uses in the management of foreign risks.
Waldemer, Hermann
As Philip Morris International's C.F.O., Hermann Waldemer is the individual squarely in charge of all the financial and FX transactions at the cigarette firm. Though he joined the company (before its spin off from the Altria Group) back in 1987, it was not until 2008 that Mr. Waldemer assumed the role of C.F.O. Over the years, Mr. Waldemer has held a number of positions at Philip Morris including acting as head of the company's divisions in Germany and France. It can however be noted that his skills for the current assignment were further sharpened with his appointment as the firm's Western Europe President...
Here, Mr. Waldemer was responsible for the management of all the regional undertakings for Philip Morris International.
In addition to having a degree in economics, finance and tax; Mr. Waldemer also happens to be a certified public accountant.
The Management of Foreign Risks at Philip Morris International
A relatively centralized function at Philip Morris International, Treasury (under the oversight of Hermann Waldemer) is responsible for a wide range of activities including commercial paper funding, money market undertakings as well as foreign exchange dealings. It can be noted that in the recent past, extensions have been made in regard to treasury's mandate when it comes to activities like hedging commercial risks for major subsidiaries of Philip Morris International falling under the scope of the central treasury at Switzerland which also acts as the company's headquarters.
Chiefly, currency swaps which are utilized in the intercompany multicurrency loan portfolio (in-house) hedging make…
References
Jacob J. (2011). E-trading at Philip Morris' Treasury. Retrieved July 3, 2011, from 360T Website: http://www.360t.com/cnt_about360t/press_2011_jun.php
Madura, J. (2008). Financial Markets and Institutions. Cengage learning.
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