Altadis U.S.A. Chief Theo Folz Retiring

David Savona
Posted: July 15, 2009

Theo W. Folz, president and chief executive officer of Altadis U.S.A. Inc., is retiring from the cigar business after more than 45 years in the industry. Folz, 65, will work his last day on September 30.

On October 1, Gary Ellis, 56, the current chief financial officer of Altadis U.S.A., will become president and CEO of the Fort Lauderdale, Florida, company, which is a unit of Imperial Tobacco Group PLC.

Folz spent most of his time specializing in machine-made, or mass-market cigars. His first job in the industry was in 1964 with Bayuk Cigar Co., the maker of Phillies. Twenty years later, he took a job with financier Ronald O. Perelman to head up Consolidated Cigar Corp., where he became introduced to the premium end of the cigar business. Folz and a management team, including Ellis, bought Consolidated from Perelman, and sold it back, and the company ultimately became Altadis U.S.A. Inc., the maker of Montecristo, Romeo y Julieta, Dutch Masters, Phillies and other cigars.

Folz said he looked forward to traveling in his retirement, and said, "It has been an honor to be a part of such a vibrant and historic industry."

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