Good Management

Most of the tobacco companies had talent, but the major factor that set some places apart from others was their ability to know what to do with the talent available. In other words, good management was the key. Philip Morris was especially fortunate in this area. Joe Cullman and George Weissman worked closely together as a team, leading Philip Morris from the 1950s through the 1980s. Cullman had a knack for promoting the right people to the right positions. Cullman was also secure enough to hire people that were smarter than he. This talent pool helped bring Philip Morris from the number four to the number two position during his reign. Very early on, Cullman saw the merits of diversification away from tobacco. Cullman made huge strides in cushioning the company from tobacco by adding food ventures to the corporate lineup. The foreign tobacco market also turned...