Altria Group announced that CEO Billy Gifford will retire after the company’s 2026 Annual Meeting of Shareholders on May 14, ending a more than 30-year career with the company. Gifford, who has led Altria since 2020, will stay on as a consultant through at least the end of 2026 to help ensure a smooth leadership transition. Company leaders praised him for guiding Altria through a turbulent period and stressed continuity in advancing the company’s “Moving Beyond Smoking” strategy under the incoming team.

The board has named Salvatore “Sal” Mancuso, currently Altria’s executive vice president and chief financial officer, to succeed Gifford as CEO. Mancuso began his career at Philip Morris USA in 1990 and has held senior roles spanning strategy, finance and compliance. Board Chair Kathryn McQuade said his selection came after a long-term succession process that evaluated both internal and external candidates.

Heather Newman will become Altria’s next chief financial officer, also effective at the 2026 Annual Meeting. Newman joined Altria in 1999 and previously served as president and CEO of Philip Morris USA.

This article was adapted from an original report published on tobaccoreporter.com. All rights belong to the original publisher.