Altria Restructures, Forms Two Separate Divisions to Focus on Core Tobacco & Innovative Tobacco Products

May 25, 2018 01:57 PM
altria_logo
Altria
© 

As reported in Convenience Store News Altria Group Inc. unveiled a new company structure.

According to the tobacco company, there are three key components to maximizing is core tobacco business while realizing its aspiration to the U.S. leader in authorized, non-combustible, reduced-risk products.

The three components are:

  1. Establishment of two divisions: core tobacco and innovative tobacco products;
  2. Creation of a chief growth officer function to accelerate speed to market for innovative products and technologies; and
  3. Aligning product development efforts more directly to the core and innovative tobacco product businesses.

"This is a dynamic time in the tobacco industry, and just as we lead in traditional tobacco products, we intend to lead in offering adult smokers more choices in innovative, non-combustible, reduced-risk products," said Howard Willard, Altria's chairman and CEO.

"We expect this new structure to accelerate our innovation pipeline, maximize our core tobacco businesses and allow us to continue to reward shareholders," he added.

Willard was named Altria's leader in January and took the position when Marty Barrington retired on May 17. The former chairman and CEO officially passed the patron at Altria's annual shareholders meeting.

Altria will adapt its structure from a chief operating officer who oversees all operating companies to a structure aligned with the company's dual strategies — maximizing income from core tobacco businesses and growing new income with innovative tobacco products.

Back to news