Altria (MO) traded slightly higher in Thursday trading after announcing that CEO Billy Gifford will be retiring and current CFO Salvatore Mancuso will succeed him. The CEO switch will be effective on May 14, 2026. In addition, the board elected Heather Newman as CFO.
Goldman Sachs analyst Bonnie Herzog said she viewed the announcement positively on the expectation for a seamless transition and limited disruption of Altria’s (MO) ongoing transformation of its vision to Move Beyond Smoking and its 2028 Enterprise Goals, even if the leadership announcement was a little earlier than expected. “Mancuso’s appointment as CEO was a result of MO’s long-term succession planning process, including the assessment of multiple internal and external candidates,” updated Herzog. She added that during Gifford’s tenure at Altria (MO) he demonstrated strong leadership capabilities and a thoughtful and strategic approach to managing the business.
Bank of America analyst Lisa Lewandowski noted that Mancuso and Newman are known to investors, and the firm expects the transition to be smooth. “We would not expect any changes in mgmt’s commitment to shareholder returns,” advised Lewandowski.
Shares of Altria (MO) were up 1.0% in early afternoon trading to $59.27 vs. the 52-week range of $50.08 to $68.60. The dividend yield for new buyers of the stock is 7.2%.