Summary
Altria Group, Inc. (MO) filed an 8-K on February 1, 2018, primarily announcing significant leadership changes and a new share repurchase program. The report confirms the retirement of Chairman, CEO, and President Martin J. Barrington effective May 17, 2018, coinciding with the company's annual shareholder meeting. Howard A. Willard III has been elected to succeed Mr. Barrington as Chairman and CEO, and William F. Gifford, Jr. will assume the role of Vice Chairman and CFO, both effective upon Mr. Barrington's retirement. In addition to the executive transition, Altria also announced a new $1 billion share repurchase program authorized on January 31, 2018, expected to be completed by the end of 2018. The company also noted that its By-Laws were amended to incorporate the new officer position of Vice Chairman. Investors should note that while an earnings press release was furnished, detailed financial results for the year ended December 31, 2017, are incorporated by reference and not directly presented in the 8-K itself, with the primary focus of this filing being the governance and strategic actions.
Key Highlights
- 1Martin J. Barrington to retire as Chairman, CEO, and President effective May 17, 2018.
- 2Howard A. Willard III elected as new Chairman and CEO, effective May 17, 2018.
- 3William F. Gifford, Jr. appointed as Vice Chairman and CFO, effective May 17, 2018.
- 4Board authorized a new $1 billion share repurchase program, expected to be completed by the end of 2018.
- 5Amendments to By-Laws were approved to add the officer position of Vice Chairman, effective May 17, 2018.
- 6The filing incorporates by reference an earnings press release containing 2017 financial results.
- 7William F. Gifford, Jr. to receive an annual base salary of $850,000 and a special restricted stock unit grant.