Altria Group Inc., the parent company of tobacco manufacturer Philip Morris USA, said Thursday that CEO Billy Gifford will retire in May. CFO Salvatore “Sal” Mancuso will succeed him.
Gifford, who has led Altria since 2020 and has worked there for more than 30 years, will step down at the conclusion of the company’s May 14, annual shareholders meeting, the Richmond, Virginia-based company said in a statement. Gifford plans to serve as a consultant to Altria upon his retirement through the end of 2026, Altria said.
Mancuso (pictured above) joined Philip Morris USA in 1990 and has held several senior leadership positions. He has served as Altria’s CFO since 2020 and is a board designee to Anheuser-Busch InBev, a Belgium-based company that owns several global brands including Budweiser, Michelob and Stella Artois.
“We believe Sal has deep industry knowledge, a keen understanding of Altria’s challenges and opportunities and a commitment to our 2028 enterprise goals,” said Kathryn McQuade, board chair of Altria. “Our election of Sal as the next CEO is a result of our ongoing, long-term succession planning process, which included rigorous third-party assessments of multiple internal candidates and an evaluation of external talent in the consumer packaged goods industry.”
The board also elected Heather Newman to become CFO when Mancuso assumes the CEO role. Newman, who joined Altria in 1999, currently serves as the company’s chief strategy and growth officer.
Gifford said he is proud of the progress the company has 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,” Gifford said.
Mancuso said he is “humbled” to be chosen as the next CEO and intends to continue the company’s strategic direction.
“Billy and I have worked together for many years and I’m committed to building upon the transformation he started,” Mancuso said. “I’m extremely excited about our future and leading the incredible talent who will take us there.”
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