Altria Group, Inc. CEO Billy Gifford has announced his plans of retirement

RICHMOND, Va. (WRIC) -- Altria Group, Inc. Chief Executive Officer (CEO) Billy Gifford has announced his retirement, with Sal Mancuso appointed as his successor.

At the conclusion of the 2026 Annual Meeting of Shareholders, it was announced that Gifford has decided to retire, starting on May 14, 2026. He has worked with the Altria Group for over 30 years and has served as CEO since 2020.

Altria's Board of Directors (Board) has elected Salvatore (Sal) Mancuso to become the next CEO of Altria following Gifford's retirement. However, Gifford will remain a consultant until the end of 2026 to ensure a smooth transition.

The Board also elected Heather Newman to serve as Altria's new Chief Financial Officer (CFO), also effective on May 14, 2026.

“I’ve been honored and grateful to lead this amazing company alongside so many talented colleagues across the organization,” Gifford said. “I’m proud of the progress we’ve made over the past five years and will retire knowing the company is in good hands. I look forward to my next chapter, spending more time with my growing family and giving back to my community. I appreciate the Board’s support of my decision and have great confidence in Sal’s ability to lead the company going forward. He is driven, is committed to Altria’s strategy, and values our fantastic employees. Altria has a bright future under his leadership.”

Salvatore has held numerous leadership positions during his tenure with the Altria Group, including serving as Altria's Executive Vice President and CFO since 2020. As well as various other roles in strategy, finance and compliance organizations.

“I’m humbled and honored to be elected Altria’s next CEO,” said Mancuso. “I thank Billy for his leadership of our great company. Billy and I have worked together for many years, and I’m committed to building upon the transformation he started and accelerating progress toward our Vision. We’re Moving Beyond Smoking®, and I’m extremely excited about our future and leading the incredible talent who will take us there.”

The newly appointed CFO, Newman, has been a member of Altria Group since 1999. Where she has served as Altria's Chief Strategy and Growth Officer since March 2022. She also currently oversees corporate strategy and development, international and new growth ventures and digital and transformation organization. She also previously served as President and CEO of Philip Morris.

Altria has been a leader in the United States of tobacco products. They have implemented a new plan to transition adult smokers to a smoke-free future called 'Moving Beyond Smoking'. They have been working on growing their smoke-free portfolio by gaining ownership of "U.S. Smokeless Tobacco Company LLC (USSTC), the leading global moist smokeless tobacco (MST) manufacturer, Helix Innovations LLC (Helix), a leading manufacturer of oral nicotine pouches and NJOY, LLC (NJOY)."

More information about the Altria Group, Inc. can be found on their website here.