Summary
Altria Group, Inc. (MO) announced a significant executive appointment via an 8-K filing dated August 21, 2020. The Board of Directors elected Jody L. Begley as the new Executive Vice President and Chief Operating Officer, effective September 1, 2020. Mr. Begley brings extensive experience, having been with the company or its subsidiaries since 1995 and currently serving as Senior Vice President, Tobacco Products. This promotion comes with a new compensation package commensurate with his increased responsibilities. His annual base salary is set at $650,000, with targets for his annual incentive award and equity awards also detailed. These changes reflect the company's commitment to its leadership team and internal development. Investors should note that further details on Altria's executive compensation philosophy can be found in their previously filed proxy statements.
Key Highlights
- 1Jody L. Begley appointed Executive Vice President and Chief Operating Officer, effective September 1, 2020.
- 2Mr. Begley has a long tenure with Altria, employed since 1995.
- 3New annual base salary for Mr. Begley set at $650,000.
- 4Annual incentive award target set at 95% of base salary.
- 5Annual equity award target set at $1.75 million.
- 6Long-Term Incentive Plan (LTIP) award target will eventually be 140% of base salary, with interim adjustments for overlapping plans.