Altria Group has announced that CEO Billy Gifford will step down after the company’s annual shareholder meeting on May 14, 2026. Executive Vice President and Chief Financial Officer Salvatore “Sal” Mancuso has been selected to succeed him.
Heather Newman, senior vice president and chief strategy and growth officer, will take Mancuso’s place as CFO after the transition, the company added.
Mancuso joined Philip Morris in 1990. Across his three-plus-decade career with the company, he has served in a number of finance roles, including senior vice president of finance and procurement, where he oversaw Altria’s treasury, tax, audit, financial planning and analysis, and controller functions and led several teams, including procurement and information services, according to his company bio. Other positions included treasurer and senior vice president of investor relations and accounting.
“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.
Gifford leaves his post after three decades with the company and five years atop the C-suite. He has also held roles in strategy and business development, finance, marketing information and consumer research, and was also president and CEO of Philip Morris USA.
Before becoming CEO, Gifford served as Altria’s CFO, according to his company bio.
Gifford will remain with Altria through the end of 2026 as a consultant to ensure a smooth transition, according to the announcement.
“I appreciate the Board’s support of my decision and have great confidence in Sal’s ability to lead the company going forward. He is driven, is committed to Altria’s strategy, and values our fantastic employees. Altria has a bright future under his leadership,” said Gifford.
Newman has held her current role since 2019, according to her LinkedIn profile. In that job, she oversees corporate development, international, enterprise strategy and planning, new growth ventures and Altria’s digital and technology organization, according to her company bio. She also previously worked 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,” said Mancuso.
