Manufacturing 2025: GIFFORD JR., WILLIAM F. ‘BILLY’

Joining the company at its subsidiary Philip Morris USA in 1994, Gifford became CEO of the Fortune 500 tobacco products manufacturer in 2020. Altria’s operating companies, in addition to Philip Morris USA, are U.S. Smokeless Tobacco, John Middleton, Helix Innovations and NJOY, as well as Horizon Innovations, its majority-owned joint venture with JT Group.

In January, the U.S. International Trade Commission finalized a ruling that NJOY Ace, a pod-based e-vapor product authorized by the Food and Drug Administration, infringes on four patents held by Juul Labs. Altria halted all domestic sales in the spring, but Gifford said in April that the company intends to appeal the decision.

Meanwhile, a potential sale of Altira’s downtown research building to Virginia Commonwealth University was indefinitely paused after the governor cut state funding for the purchase this spring.

Altria reported $24 billion in revenue for 2024, down nearly 2% from 2023. Gifford’s $26 million compensation package makes him the highest-paid public company executive in the Richmond area. He joined the Society of St. Vincent de Paul Richmond Council board at the start of this year, and he previously served as a board member of Anheuser-Busch InBev.

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