By Timothy S. Donahue
Top Takeaways:
Leadership change: Altria Group formally confirmed Sal Mancuso as incoming CEO during its annual shareholder meeting.
Regulatory focus: Billy Gifford repeatedly emphasized enforcement against illicit nicotine products and FDA authorizations.
Youth pressure: Executives faced sharp shareholder questions over youth vaping, environmental waste and cannabis.
Sal Mancuso is officially stepping into the top job at Altria as Billy Gifford exits after more than three decades with the tobacco giant.
During Altria Group’s 2026 annual shareholder meeting, Gifford formally confirmed the leadership transition, telling investors the board had appointed Mancuso as the company’s next chief executive officer.
“I’ve had the privilege of working closely with Sal over the course of our careers, and he brings deep experience, sound judgment, and a strong commitment to our people and to our vision,” Gifford said.
The meeting marked both a leadership handoff and a defense of Altria’s broader “Moving Beyond Smoking” strategy, as executives fielded repeated questions from shareholders and activists about youth nicotine use, environmental waste, cannabis, and regulatory pressure.
Before the Q&A session, Altria Chair Catherine McQuade praised Gifford’s tenure. “Billy has guided Altria through a period of significant change, reinforced our financial strength, sharpened our strategic focus, and advanced our vision,” she said.
Throughout the meeting, Gifford repeatedly emphasized that the company’s future rests on smoke-free products and harm reduction. “The opportunity in front of us is tobacco harm reduction,” he said. “It’s still in its early stages in the U.S.”
Gifford highlighted Altria’s growing nicotine pouch business through on! and on! PLUS, its NJOY vape business, and its joint venture with Japan Tobacco involving the Ploom heated tobacco platform and Marlboro-branded heated tobacco sticks.
“We filed a joint application, meaning a PMTA (premarket tobacco product application)and a modified risk tobacco product application (MRTP) with the FDA,” Gifford said. “And we’re excited to hear from the FDA as they continue to review that.”
Executives also faced direct criticism from youth advocates at the virtual meeting. One shareholder challenged Altria over youth vaping and environmental waste, accusing the company of contributing to nicotine addiction and pollution through cigarettes, pouches, and e-cigarettes.
Gifford repeatedly pushed back, emphasizing declining youth usage statistics and enforcement measures. “Kids should not use nicotine products,” he said multiple times during the session.
He cited retailer ID-scanning programs, Tobacco 21 legislation, and U.S. Food and Drug Administration inspections as evidence that the company is working to reduce underage access. At the same time, Gifford defended flavored smoke-free products as tools for adult smokers seeking alternatives to cigarettes.
“Flavors do play a role in helping adults convert from combustible products to smoke-free products,” he said.
Cannabis also came up during the meeting, with shareholders asking whether Altria could eventually manufacture marijuana products if U.S. federal legalization advances. Gifford reiterated that the company supports legalization only alongside “comprehensive regulation that’s based on science and evidence.”
He also highlighted Altria’s investment in Cronos Group as part of its long-term strategy in the cannabinoid space.
On regulation, Gifford said the company continues to push for stronger federal enforcement against illicit nicotine products flooding the U.S. market. “We’re always advocating for the regulatory process to work effectively,” he said, specifically citing enforcement “for all of the illicit products that are in the marketplace.”
The shareholder meeting ultimately reinforced a message Altria has spent years trying to sharpen: the company still depends heavily on cigarettes today—but increasingly wants investors to focus on what comes after them.
And now Sal Mancuso will be the one leading that transition.
