By Timothy S. Donahue
Top Takeaways:
- Altria CEO Billy Gifford will retire in May 2026 after more than 30 years with the company.
- CFO Sal Mancuso has been elected to succeed him as CEO, with Heather Newman appointed as the next CFO.
- Leadership changes result from a long-term succession process and are intended to support Altria’s transformation objectives.
Altria Group, Inc. (NYSE: MO) announced that Chief Executive Officer Billy Gifford will retire after the company’s 2026 Annual Meeting of Shareholders on May 14, 2026, concluding a career spanning more than 30 years with the Altria family of companies. Gifford has been serving as CEO since 2020.
Upon his retirement, the board has selected Salvatore Mancuso to succeed him as CEO. To support the transition, Gifford plans to stay with the company as a consultant through at least the end of 2026.
The board also chose Heather Newman to serve as chief financial officer effective May 14, 2026.
Mancuso joined Philip Morris USA in 1990 and has held various leadership roles in strategy, finance, and compliance. Since 2020, he has served as Altria’s executive vice president and CFO and represents the company on the board of Anheuser-Busch InBev.
“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 Board Chair Kathryn McQuade. “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.
“We believe Sal has transformational leadership skills and a results-driven mindset, coupled with the passion and grit to execute and deliver Altria’s Vision.”
McQuade also praised Gifford’s leadership. “The Board is immensely grateful for Billy’s extraordinary leadership and career at the Altria family of companies,” she said. “Billy became CEO at a turbulent and difficult time for our company. Under Billy’s steady leadership, Altria has been able to address and navigate various challenges while focusing on our Vision and organization, maintaining the strength of our core businesses and delivering strong financial returns to our shareholders.”
Gifford said he was honored to have led the company. “I’m proud of the progress we’ve made over the past five years and will retire knowing the company is in good hands,” he said. “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.”
Mancuso said he was “humbled and honored” to become Altria’s next CEO. “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.”
Newman’s appointment as CFO followed the same succession planning process. She joined Altria in 1999 and has been the company’s chief strategy and growth officer since 2022, responsible for corporate strategy, development, international and new growth initiatives, and digital transformation. She previously served as president and CEO of Philip Morris USA.
“Heather is a highly respected, strategic and collaborative leader. I look forward to working closely with her as our next CFO,” Mancuso said.
