Five years ago, on his first day as Philip Morris Cos.' chief executive, Geoffrey Bible promised employees he'd fight every legal challenge to the company's tobacco business. Three years later, Bible changed course. That's because the settlement offered no protection from lawsuits by individuals and created a perception of guilt, leading to record damage awards by juries and a blitz of suits by attorneys, analysts say. Now Philip Morris faces 660 lawsuits, a 21 percent increase in a year.
Investors expect that pace to accelerate.
As Bible watches lawsuits pile up and his stock languish, Bible seems to have few options.