Cliff Fleet

Adjunct Professor

Email: [[m|cliff.fleet]]

Biography

Cliff, a retired corporate executive, is a teacher, community volunteer, board member, operating advisor for private equity organizations and consultant. Cliff teaches at the William & Mary, is chair of the Jamestown-Yorktown Foundation, incoming chair of ChamberRVA, and a board member of the William & Mary Foundation, the Virginia Business Higher Education Council, and Virginia Repertory Theatre. Cliff retired as the President and CEO of Philip Morris USA, after a long career at Altria where he worked in marketing, business development, strategy, operations, finance and sales. Cliff has a BA, MA, MBA and JD from William & Mary.

Areas of Interest/Expertise

Corporate Social Responsibility
Strategy
Personal and Organizational Development

CV

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Juris Doctor, William & Mary, 1995.
MBA, William & Mary, 1995.
MA, History, William & Mary, 1993.
BA, William & Mary, 1991.

Managing Partner, SIR, 2018-present.
- Consultancy work focuses on business strategy, corporate social responsibility, and economic development, with a focus on mid-size businesses, regions and higher education.
Operating Partner, Venture and Private Equity Funds; Early-stage Investor, 2018-present.
- Work with portfolio companies on strategies and plans to help improve their operational and financial performance. Investor in several Richmond-based startup companies across varying industries. Mentor at Start-up Virginia.
Professor, William & Mary, 2019.
- Professor in the business and law programs at the undergraduate and graduate levels.
Philip Morris USA (PMUSA) - President and CEO, 2013-2017.
Led two operating companies - Philip Morris USA and John Middleton - with combined operating company income of over $8 billion. Leadership resulted in substantial operational improvements across all aspects of the enterprise to drive industry-leading business results. Also led the "Marketing Council" which oversaw all marketing-related policies and practices for Altria's tobacco operation companies.
- Delivered the strongest operating results in over a decade as measured by income and market share growth.
- Delivered superior operating results for Middleton, as income and volume substantially increased after years of decline following Altria's acquisition.
- Led strategic shifts in brand-building activities leading to strong increases in market share and brand equity scores while also reducing marketing related spending. Activities included:
  - Leading the development of a methodology measuring the effectiveness of marketing spend by channel to increase brand equity. The work resulted in substantially increased spending against high-value emerging channels and reduced spending on traditional channels.
  - Developing new trade programs which leveraged point-of-sale and other consumer trade data to reallocate significant dollars increasing promotional effectiveness.
  - Groundbreaking packaging technologies resulting in a series of awards recognizing PM USA's world-class printing capabilities.
- Drove substantial cost savings across all facets of the enterprise to grow income and reinvest in brand-building activities. These savings included the closure of a cigar manufacturing facility and the negotiation of long-term labor agreements with two unions.
- Closed a substantial portfolio gap in a rapidly growing segment by identifying, negotiating and completing the purchase of Nat Sherman.
- Facilitated the design of a General Manager Development System to train future talent to become general managers.
- Developed strategies and plans to both comply with and compete in an FDA-regulated environment, which included litigation protecting the right to launch products.
PM USA - Vice-President and General Manager, Marlboro, 2011-2013.
Delivered strong, consistent market share growth after many years of inconsistent performance. Implemented a new "brand architecture" resulting in a complete rethinking of all brand-building activities, including new campaigns.
- Led the creation of Marlboro Black, one of the most innovative and fasts growing launches in decades for the cigarette industry. This launch led to repaid increases in Marlboro's retail share, and substantial improvements in young adult smoker share trends after almost fifteen years of decline.
- Oversaw the design of a new digital marketing system and investments in new technologies and brand-building activities leading to:
  - Marlboro.com becoming one of the largest CPG websites.
  - Rapid increases in consumer digital engagements with brands to over 100 million annually.
  - An investment in Koupon Media through Altria Ventures, which helped develop innovative ways to deliver value to adult consumers, including integrated mobile coupon delivery through trade websites and apps.
- Oversaw the development of the Brand Management Development System which hired, trained and developed talent across the brand organizations of Altria's tobacco operating companies.
Altria Client Services, Vice-President Business Strategy and Development, 2011.
Led the strategic planning and external business development activities for the Altria family of companies.
- Designed a new brand architecture of Marlboro, and implemented it as the Vice-President of Marlboro.
- Led the design of and helped implement a $400 million cost reduction program.
- Negotiated an international joint venture to work on the development of potentially reduced-harm tobacco products.
Altria Client Services, Vice-President Investor Relations, 2008-2011.
- Led Investor Relations for the Altria family of companies through the $100 billion spin-off of Philip Morris International, the $12 billion acquisition of U.S. Smokeless Tobacco, and the collapse of the financial markets in 2008.
PM USA, Other Experience, 1995-2007.
- Director, Sales - Led all trade relations as well as wholesale and retail marketing activities for the mid-Altantic region.
- Director, Business Analysis and Forecasting - Led the development of all volume and share forecasts.
- Senior Manager, Production Planning - Oversaw all production planning, factory scheduling and DM purchasing.
- Senior Manager, Export and Import Logistics - Led all export and import logistics-related activities.
- Manager, Inventory Management - Oversaw the distribution of finished goods in the United States.
- Manager, Customer Service - Managed order processing, fulfillment and billing, as well as Vendor Managed Replenishment activities for key customers.

Jamestown-Yorktown Foundation, President
ChamberRVA, Incoming Chair
Virginia Business Higher Education Council
William & Mary Foundation Board Member
Virginia Repertory Theatre Board Member

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