OTHER NEWS - May 26, 1994

Philip Morris Fails to Split Units: The board considered splitting the company’s food and tobacco businesses, but took little action. The directors instead promoted two executives, so that for the first time in years tobacco and food will have equal heads reporting to the top executive. “That’s not as good as I was hoping,” said tobacco analyst Becky Barfield of CS First Boston. “It could be significant that they named those two guys. It could be the first step toward a split. I just don’t know.” Geoffrey Bible, executive vice president, was named a director and vice chairman for worldwide tobacco. William Murray, a director, president and chief operating officer, was appointed vice chairman for worldwide food.