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Billionaire Carlos Slim to retire from Phillip Morris

Billionaire Carlos Slim speaks during an event announcing an alliance between his philanthropic foundation and the World Wildlife Fund in Mexico City, Mexico.
Susana Gonzalez | Bloomberg | Getty Images
Billionaire Carlos Slim speaks during an event announcing an alliance between his philanthropic foundation and the World Wildlife Fund in Mexico City, Mexico.

Philip Morris International on Wednesday announced that Carlos Slim will retire from its board of directors in May.

"Carlos has served on the Board since our spin-off in 2008, and for many years prior to that on the Board of our former parent company. We have benefited tremendously from Carlos' dedicated service and invaluable advice. We are indebted to him and he leaves with our most heartfelt gratitude," Louis Camilleri, chairman, said in a statement.

The company also declared a regular quarterly dividend of $1 a share, payable on April 10, 2015, to shareholders of record as of March 26, 2015.