Altria CEO Billy Gifford to retire in 2026

Fortune 500 tobacco products manufacturer Altria Group announced Thursday that its CEO, Billy Gifford, will retire in May 2026, with the Henrico County-based company’s executive vice president succeeding Gifford.

Altria’s board of directors has elected Salvatore “Sal” Mancuso to become CEO upon Gifford’s retirement on May 14, 2026. Gifford will serve as a consultant through the end of 2026 to ensure a smooth transition, according to Thursday’s announcement.

Gifford joined the company through its subsidiary, Philip Morris USA, in 1994 and became CEO of Altria in 2020, overseeing the tobacco giant during a period of declining cigarette sales, as well as forays into e-cigarette products.

In addition to Philip Morris USA, Altria’s other operating companies include U.S. Smokeless Tobacco, John Middleton, Helix Innovations and NJOY, as well as Horizon Innovations, its majority-owned joint venture with JT Group. Altria reported $24 billion in revenue for 2024.

“The board is immensely grateful for Billy’s extraordinary leadership and career at the Altria family of companies,” Kathryn McQuade, the board’s chair, said in a statement. “We respect his decision to focus on pursuing personal passions and congratulate him on a well-earned retirement.”

Gifford had a $26 million compensation package in 2024, making him the highest-paid public company executive in the Richmond area.

“I’ve been honored and grateful to lead this amazing company alongside so many talented colleagues across the organization,” said Gifford in a statement. “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.”

The board also elected Heather Newman to serve as Altria’s chief financial officer effective May 14, 2026. Newman joined Altria in 1999 and has held numerous leadership positions over the past two decades. She currently serves as the company’s chief strategy and growth officer, a role she’s held since March 2022.

Gifford said he has “great confidence” in Mancuso’s ability to lead the company in the future, calling him “driven” and committed to the company’s values.

Mancuso joined Philip Morris USA in 1990 and went on to serve in numerous leadership positions within the Altria family of companies, including as Altria’s executive vice president and CFO since 2020. Much of his work focused on strategy, finance and compliance. He currently serves on the board of directors of Anheuser-Busch InBev as an Altria designee.

“I’m humbled and honored to be elected Altria’s next CEO,” Mancuso said in a statement. “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.”