Mexican billionaire Carlos Slim will retire from the board of Philip Morris International at the company's annual meeting in May.

The business magnate, who built his fortune by amassing a range of retail, industrial and telecom companies, is ranked by Forbes as the world's second-richest person with an estimated net worth of $77.1 billion.

Slim has been on the board at Philip Morris International, the seller of Marlboro and other cigarette brands overseas, since its spinoff from Altria Group Inc. in 2008. He also served on the board of its former parent company.

Philip Morris International Inc. is based in New York and Switzerland. Shares will open near a low for the year Wednesday.