Dec 11 (Reuters) – Altria said on Thursday that CEO Billy Gifford, who has led the tobacco giant since 2020, will retire in May, and will be succeeded by finance head Salvatore Mancuso. Gifford plans to serve as a consultant following his retirement through at least the end of 2026. The company said insider Heather Newman will […]
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Altria CEO Billy Gifford to retire in May, CFO Mancuso to succeed
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Dec 11 (Reuters) – Altria said on Thursday that CEO Billy Gifford, who has led the tobacco giant since 2020, will retire in May, and will be succeeded by finance head Salvatore Mancuso.
Gifford plans to serve as a consultant following his retirement through at least the end of 2026.
The company said insider Heather Newman will succeed Mancusco following the transition to the top job.
Altria, which is trying to build a portfolio of smoking alternatives to offset lost cigarette sales, is facing regulatory scrutiny, lawsuits and competition from unregulated vapes, largely from China, that have flooded the U.S. market.
Tobacco, especially key brand Marlboro, still makes up the majority of Altria’s revenue and profit, but is in decline in the U.S., and the company had forecast annual profit largely below market expectations in late October.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Sriraj Kalluvila)