OTHER NEWS - June 21, 1994
From Times Staff and Wire Reports
CEO’s Departure May Further Dim Chances of Philip Morris Spinoff: Securities analysts see the resignation of Michael A. Miles as chief executive of Philip Morris Cos. as further reducing the likelihood that the $61-billion conglomerate will separate its tobacco and food companies. They said his succession by two executives, both smokers whose careers began in the tobacco ranks, may enable the New York-based company to make a more convincing case on Wall Street. Ex-smoker Miles was seen as advocating separation of the tobacco business from the food business, the theory being that the stock market would value two companies more highly than one.
