Philip Morris Korea has appointed Lee Hong-suk as the new managing director, with the role becoming effective on May 1, and will be succeeding the current leadership as the company advances its strategy of promoting smoke-free products within the Korean market.
Lee, who is presently the director overseeing smoke-free products, began his tenure with Philip Morris International in 1999.
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Since then, he has held various senior positions in marketing, commercial operations, and general management across numerous regions, including Korea, Singapore, Hong Kong, and Taiwan.
He held the position of General Manager at Philip Morris Taiwan starting in 2018, where he was responsible for driving business growth, executing organizational restructuring, and launching new commercial initiatives.
Upon his return to Korea in 2021, he assumed the role of Head of Commercial Operations before transitioning to lead the Smoke-Free Products Division, where he influenced the company's product innovation agenda and developed its consumer experience strategy.
"In a market as significant as Korea, strong and experienced leadership is vital to ensure we remain a strong partner to our stakeholders and society at large," says Vassilis Gkatzelis, president of Philip Morris International's East and Southeast Asia, Pacific and Global Travel Retail region.
"Lee has an established record of driving commercial success and is deeply rooted in the local market context."
Lee stated that the organization intends to enhance its collaboration with governmental bodies, public health professionals, and various stakeholders to ensure that its smoke-free initiatives are in harmony with Korea's comprehensive public health goals.
"Philip Morris Korea has consistently driven a smoke-free transformation through science-based innovation," Lee says.
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"We will continue striving to offer better choices for adult smokers while strengthening our presence in the Korean market."
Philip Morris Korea promotes IQOS, a heated tobacco device, as its main smoke-free alternative to traditional cigarettes. The Korean market is among the company's most significant for the adoption of smoke-free products.
Philip Morris Korea announced the introduction of "TEREA Shine Pearl," the latest addition to its heated-tobacco IQOS ILUMA product line. The "TEREA Shine Pearl" variant has been incorporated into the lineup of capsule-based products known as "TEREA Capsule." This offering has been crafted to provide a cooling sensation; upon crushing the capsule, it introduces a fresher and more invigorating flavor that enhances the underlying experience.
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Philip Morris Korea has announced that the product, in conjunction with existing selections like “TEREA Oasis Pearl” and “TEREA Sun Pearl,” is targeted towards IQOS ILUMA consumers and adult smokers who favor flavor alterations activated by a capsule. With this recent release, the report highlighted that the range of capsule-based options under the TEREA brand in South Korea has grown to encompass seven different variants.