01—Abstract
Summary
Summary of the 8-K filed May 19, 2025. Cited figures are marked; the original filing is the authoritative source.
Altria Group, Inc. (MO) has filed an 8-K report detailing a significant leadership transition within its finance department and the outcomes of its 2025 Annual Shareholder Meeting.
Steven D’Ambrosia, Vice President and Controller, announced his retirement effective July 31, 2025. In preparation, the Board of Directors has appointed Katie F. Patterson, currently Senior Director, External Reporting, as the new Vice President and Controller, effective August 1, 2025.
Ms. Patterson, with extensive experience within Altria's accounting and finance functions since 2013, will receive a base salary of $300,000a and has been granted incentive and equity awards consistent with her new role and compensation band. The report also confirms the results of the Annual Shareholder Meeting held on May 15, 2025.
Key approvals include the re-election of all 11 director nominees, the ratification of PricewaterhouseCoopers LLP as the independent auditor, and the advisory approval of executive compensation. Furthermore, shareholders overwhelmingly approved two new equity compensation plans: the 2025 Performance Incentive Plan, which reserves 25 million shares for employee incentives, and the 2025 Stock Compensation Plan for Non-Employee Directors, reserving 1 million shares for director compensation.
02—Key points
Key Highlights
- Effective July 31, 2025, Vice President and Controller Steven D’Ambrosia will retire after a tenure with Altria.
- Katie F. Patterson has been elected as the new Vice President and Controller, effective August 1, 2025, bringing extensive internal experience.
- Ms. Patterson's compensation package includes a $300,000 base salary, with incentive and equity awards aligned with her new position.
- All 11 incumbent directors were re-elected to the Board.
- PricewaterhouseCoopers LLP was ratified as Altria's independent registered public accounting firm for Fiscal Year 2025.
- Shareholders approved the 2025 Performance Incentive Plan, authorizing 25 million shares for employee awards.
- The 2025 Stock Compensation Plan for Non-Employee Directors was approved, reserving 1 million shares for director compensation.
03—Questions
Frequently Asked Questions
What is the key leadership change being reported?
The key leadership change is the upcoming retirement of Steven D’Ambrosia, Vice President and Controller, effective July 31, 2025. Katie F. Patterson has been appointed as his successor, effective August 1, 2025.
What is the compensation for the new Controller, Katie F. Patterson?
Ms. Patterson will receive an annual base salary of $300,000, effective August 1, 2025. Her compensation also includes an annual incentive award target of 50% of base salary, a long-term incentive plan (LTIP) award target of $112,900 over a three-year cycle, and an annual equity award target of $165,000. These are consistent with compensation for her salary band and market positioning.
What were the significant outcomes from the 2025 Annual Shareholder Meeting regarding plans?
Shareholders approved two key equity compensation plans: the 2025 Performance Incentive Plan, which authorizes the issuance of up to 25 million shares of common stock for employee incentives, and the 2025 Stock Compensation Plan for Non-Employee Directors, which authorizes up to 1 million shares for director compensation.
Was the executive compensation approved by shareholders?
Yes, the compensation of Altria's Named Executive Officers was approved on an advisory basis by shareholders at the Annual Meeting.
04—Continue