Ask Frederic de Wilde to sketch out his career and you might end up with a world map. Over more than three decades at Philip Morris International (“PMI”), he has run businesses everywhere from Belgium to Greece, Italy to Japan, and across a sprawling stretch of South and Southeast Asia, the CIS, the Middle East and Africa, picking up along the way a rare instinct for what actually moves consumers, regulators and markets from one corner of the globe to the next.  

He has built brands, led whole regions, steered global sales and marketing and even pulled off the complex acquisition and integration of Papastratos in Greece (the country’s largest tobacco company, acquired by PMI in 2003 and now a key affiliate and manufacturing hub). Currently, as CEO PMI International, he takes the wheel of PMI’s international business unit at one of the most consequential moments in the company’s history; one where smoke-free products are no longer a side bet but the main event, already driving a substantial and fast-growing share of PMI’s revenue. 

We sat down with Frederic to hear what all that experience tells him about the road ahead. He weighs the openings that shifting regulation creates against the threat of the illicit trade that shadows every regulated market. He talks about where growth really comes from, how he allocates capital across uneven markets and the capabilities he is building to stay ahead of the curve.  

1. Regulation in this industry can shift quickly, creating openings but also reversals. How do you build a commercial strategy that can seize an opening decisively without becoming hostage to the next reversal, and what's your philosophy on placing bets in a category where the rules are never settled?   

Regulation is both expected and  necessary in our category, but in my experience, it works best when it is science-based, pragmatic and designed with consumers in mind. Our smoke-free products are sold in more than 105 markets, and regulators increasingly recognise that these alternatives should be accessible to adults who would otherwise smoke. By the end of 2025, 85 markets had introduced, improved, or expanded regulatory pathways for at least one smoke-free product category.  

Our focus remains on what we can control: building strong portfolios, investing in innovation, and delivering market excellence so we're ready wherever the conditions exist. Progress takes time, but when real-world evidence, consumer demand and stakeholder understanding align, opportunities can open very quickly. 

2. In almost every consumer industry, a large informal or illicit market eventually emerges alongside the regulated one often with very different cost and compliance structures. How do you compete effectively against those players and what mix of enforcement, regulation and commercial response actually moves the needle against them? 

Addressing illicit trade requires a coordinated response across policymakers, law enforcement, and industry. We work with law enforcement and government agencies to help combat illicit networks, while ensuring the integrity of our supply chain. But what ultimately matters is a pragmatic approach to regulation. Consumers look for products that are available, affordable and meet their needs. When extreme policies make legal products unavailable, inaccessible, or simply out of step with consumer realities, illicit markets fill the gap. Preventing that requires aligning public policy objectives with real-world consumer behaviour. 

3. Smoke-free products now drive a substantial share of PMI’s revenue. Beyond that headline, where do you see the next real engine of commercial growth and which markets or categories are you betting on to deliver it? 

We see strong momentum in our smoke-free business, as adult consumers move from cigarettes to smoke-free alternatives. Today, around 42% of PMI's total net revenues come from our smoke-free business, reaching an estimated 43 million consumers globally. Yet the opportunity remains significant, when you consider that more than one billion people worldwide continue to smoke.  

Consumers are also switching between heated tobacco, vapor products and nicotine pouches. This creates growth opportunities and reinforces the value of our multicategory strategy across our portfolio, innovation and commercialisation. Meanwhile, a resilient combustibles business remains an important part of the equation, providing the revenue, infrastructure and consumer reach that help accelerate the transition to smoke-free products. I don't believe the next phase of growth will be defined by any single geography or category. It will depend on how we anticipate and respond to evolving consumer preferences, combining strong brands, continuous innovation and disciplined execution across markets. 

4. You now oversee markets spanning vastly different consumer behaviours, price sensitivities and competitive dynamics. How do you decide where to concentrate investment and what does disciplined capital allocation look like across such an uneven landscape? 

I look at where consumer opportunity, regulatory conditions, and our ability to execute come together. Different markets are at different stages of the transition to smoke-free products, so the approach cannot be the same everywhere. That means balancing investment between markets where adoption is already scaling and markets where the opportunity is still being created. For me, discipline is also about knowing where to focus and when to phase investment.  

The advantage today is that we can make those decisions based on more than a decade of experience scaling our smoke-free business. Over the past 12 years, we’ve built capabilities ranging from understanding new consumer categories to developing direct retail networks and digital engagement platforms. Those experiences have given us a proven playbook that we can now adapt across markets to maximise long-term value. 

5. You’ve spent more than thirty years climbing from a brand manager’s desk in Belgium to running PMI’s businesses across Europe, Japan, Asia and beyond. Which of those hard-won lessons are you leaning on most as CEO PMI International and where have you had to deliberately unlearn old instincts to lead this next chapter? 

One lesson that has stayed with me throughout my career is the importance of staying close to consumers. Markets, technologies, and regulations change, but understanding what drives consumer behaviour remains fundamental.  

I’ve also learned that people are the real competitive advantage. The best results come from people who are growing, motivated and fulfilled in what they do. That’s why I see leadership as creating the conditions for others to succeed: listening, setting direction, challenging assumptions, then giving people the trust and freedom to execute. One of the most rewarding aspects of a long career has been seeing the talent you’ve helped hire and develop become the next generation of leaders. 

 At the same time, I’ve had to unlearn the assumption that past experience always provides the answer. Experience matters but working across different markets and cultures reinforces the importance of adaptability, emotional intelligence and understanding that you don’t have all the answers. You have to keep learning, listening and adapting. 

6. You have led businesses across markets where the formal data only tells part of the story. When you are entering a market, backing a major investment or managing political and regulatory uncertainty, how do you test what you are hearing internally against external perspectives, and what makes outside advice genuinely useful to you? 

When I’m evaluating a market or an investment, I want to understand what’s happening beyond the data: what consumers are doing, what trade partners are seeing, and how the regulatory environment is evolving. Some of the most valuable insights come from those closest to the market. Throughout my career, I’ve spent time meeting consumers, visiting retail environments and engaging directly with stakeholders on the ground. Those experiences often tell you things that don’t show up in a report or presentation. If what you’re seeing on the ground doesn’t match the assumptions in the presentation, I trust what I’m seeing in the market.  

That’s also what makes external perspectives so valuable. The best external advice doesn’t tell me what decision to make or confirm what we already believe. What I’m looking for is a different perspective, someone who helps us see what we might be missing and ultimately improves the quality of our judgment. I expect the same from our market leaders. Their role isn’t simply to execute a plan, but to bring market realities forward and ensure our decisions reflect what consumers, customers and stakeholders are telling us every day.