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Altria Group, Inc. (MO) is a leading American corporation that operates through several wholly owned subsidiaries, including Philip Morris USA Inc., John Middleton Co., U.S. Smokeless Tobacco Company LLC, Helix Innovations LLC, and NJOY, LLC. The company is primarily involved in the manufacture and sale of tobacco products, offering a range of smokeable, oral tobacco, and e-vapor products . Altria's product lines include well-known brands such as Marlboro cigarettes, Copenhagen and Skoal moist smokeless tobacco, and NJOY e-vapor products .
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Smokeable Products - Includes combustible cigarettes and machine-made large cigars, with Marlboro as the principal brand. PM USA is the largest cigarette company in the United States, and Middleton produces cigars .
- Cigarettes - PM USA's primary product, with a shipment volume of 76.3 billion units in 2023 .
- Cigars - Produced by Middleton, with a shipment volume of approximately 1.8 billion units in 2023 .
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Oral Tobacco Products - Consists of moist smokeless tobacco (MST) and snus products, featuring premium brands like Copenhagen and Skoal, and the value brand Red Seal. Helix Innovations also produces on! oral nicotine pouches .
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E-Vapor Products - Sold by NJOY, LLC, including the NJOY ACE, the only pod-based e-vapor product with FDA market authorization. NJOY contracts with third-party importers for its products .
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All Other - Encompasses research and development for new product platforms and technologies, including NJOY, Horizon, and Helix International .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
William F. Gifford, Jr. ExecutiveBoard | Chief Executive Officer (CEO) | None | CEO since April 2020, joined MO in 1994, previously Vice Chairman and CFO, extensive leadership and financial expertise. | View Report → |
Charles N. Whitaker Executive | Senior Vice President, Chief HR Officer, and Chief Compliance Officer | None | Leads HR and compliance, employed by MO for at least five years, no external roles mentioned. | |
Daniel J. Bryant Executive | Vice President and Treasurer | None | Manages financial transactions and debt securities, no external roles mentioned. | |
Heather A. Newman Executive | Senior Vice President, Chief Strategy and Growth Officer | None | Oversees strategy, innovation, and investments, including Cronos and JUUL, no external roles mentioned. | |
Jody L. Begley Executive | Executive Vice President and COO | None | Leads operations, employed by MO for at least five years, no external roles mentioned. | |
Salvatore Mancuso Executive | Executive Vice President and CFO | None | Oversees financial operations, certified compliance with Sarbanes-Oxley Act, no external roles mentioned. | |
Steven D’Ambrosia Executive | Vice President and Controller | None | Oversees financial reporting and compliance, no external roles mentioned. | |
Debra J. Kelly-Ennis Board | Director | TFI International Inc.; Trivium Packaging B.V. | Director since 2013, former CEO of Diageo Canada, extensive marketing and leadership experience, serves on external boards. | |
Ellen R. Strahlman Board | Director | Eyenovia, Inc. | Director since 2020, expertise in innovation, biosciences, and regulated industries, serves on external boards. | |
George Muñoz Board | Director | Laureate Education, Inc.; BRC Inc.; National Geographic Society | Director since 2004, extensive accounting, financial, and public policy expertise, serves on multiple external boards. | |
Ian L.T. Clarke Board | Director | AGF Management Limited; First Capital REIT; Canadian Olympic Committee | Director since 2022, former CFO of Greater Toronto Airports Authority, expertise in finance and risk management, serves on external boards. | |
Kathryn B. McQuade Board | Director | None | Director since 2012, former CFO of Canadian Pacific Railway, extensive financial expertise, no current external roles mentioned. | |
M. Max Yzaguirre Board | Director | Aris Water Solutions, Inc.; WaFd, Inc.; Washington Federal Bank | Director since 2022, extensive leadership in regulated industries, serves on multiple external boards. | |
Marjorie M. Connelly Board | Director | PRA Group, Inc.; MissionOG | Director since 2021, extensive leadership in financial services, serves on external boards and advisory roles. | |
R. Matt Davis Board | Director | World Freerunning Parkour Federation; Saratoga WarHorse Foundation, Inc.; Michigan State University Alumni Board; Lake State Railway Company | Director since 2021, former President of Driftwood Leadership, extensive public policy and business leadership experience, serves on multiple external boards. | |
Virginia E. Shanks Board | Director | EPR Properties; Light & Wonder, Inc. | Director since 2017, expertise in marketing, IT, and cybersecurity, serves on external boards. |
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Given the ongoing patent infringement lawsuit filed by JUUL against NJOY, which could potentially result in an exclusion order and halt imports of NJOY products by the end of December, can you provide more details on your contingency plans, specifically regarding the substantial equivalence applications and design changes to circumvent the patents, and how confident are you in receiving FDA approval in time?
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Regarding your "optimize and accelerate" initiative aiming to achieve at least $600 million in cumulative cost savings over the next five years through modernizing processes and leveraging artificial intelligence and automation, can you elaborate on the specific areas where these savings will come from, how these changes will impact your workforce, and what risks may affect your ability to achieve these savings?
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With the growth of illicit flavored disposable e-vapor products contributing to elevated cigarette industry volume declines and impacting your e-vapor category growth, what specific actions are you taking to address this issue, and how effective do you expect regulatory enforcement to be in curbing the proliferation of these products?
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In light of Japan Tobacco's recent acquisition in the U.S. cigarette market and considering your partnership with them on the Ploom device, how might this change in their market presence impact your joint venture and the competitive dynamics in the U.S., and are there plans to adjust your strategy accordingly?
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Given the elevated cigarette industry volume declines due to economic pressures on consumers, the growth of the discount segment by 1.5 share points, and Marlboro's retail share decline both year-over-year and sequentially, how do you plan to balance your pricing strategy with market share retention in the premium segment while addressing the shift toward discount products?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
NJOY Holdings | 2023 | Deal Value & Structure: The acquisition had a total consideration of approximately $2.9 billion—including $2.75 billion in cash (net of cash acquired) and up to $500 million in additional contingent cash payments, funded via a $2.0 billion term loan facility, commercial paper, and available cash. Strategic Rationale & Business Fit: This move allowed Altria to gain full global ownership of NJOY’s e-vapor portfolio, including FDA-authorized products like NJOY ACE, thereby strengthening its presence in the growing e-vapor market. Key Capabilities & Notable Terms: The deal brought in advanced developed technology, valuable trademarks, supplier agreements, and resulted in $1,614 million in goodwill as recognition of future growth opportunities. |
Recent developments and announcements about MO.
Earnings
New Earnings (Q4 2024)
·Jan 30, 2025, 5:44 PMView full earnings summary →Altria’s Q4 highlights robust on! pouch volumes exceeding profitability targets early, yet cigarette volumes fell ~3–4% due to illicit e-vapor. Management remains confident in 2025 EPS despite potential NJOY withdrawal, though regulatory risks loom.
8-K Filings
8-K Filing
·Feb 19, 2025, 9:34 PMFinancial ExhibitsOther EventsView full 8-K filing →Altria Group filed its Form 8-K with 2024 consolidated financial statements. Notably, net earnings rose to $11,264M from $8,130M in 2023, and stockholders’ equity deficit improved to $2,188M. See for details.