Altria Group, Inc. (MO, Financial) has announced a significant leadership transition as part of its ongoing strategic initiatives. On May 13, 2025, Steven D’Ambrosia, the Vice President and Controller, declared his intention to retire effective July 31, 2025. In response, Altria's Board of Directors has elected Katie F. Patterson to assume the role of Vice President and Controller upon Mr. D’Ambrosia’s retirement.
Katie F. Patterson, currently serving as Senior Director of External Reporting, Corporate and Benefits at Altria Client Services LLC, will step into her new role on August 1, 2025. With a robust background in accounting, financial reporting, and investor relations, Ms. Patterson has been with Altria since 2013, holding various key positions. Her new appointment comes with a base salary of $300,000, aligning with the market standards for her role.
In addition to the leadership transition, Altria held its 2025 Annual Meeting of Shareholders on May 15, 2025. During the meeting, shareholders approved two significant compensation plans: the 2025 Performance Incentive Plan (PIP) and the 2025 Stock Compensation Plan for Non-Employee Directors. These plans, previously approved by the Board, are designed to provide annual and long-term incentive awards to eligible employees and directors, respectively.
The 2025 PIP reserves 25 million shares of Altria’s common stock for awards, while the 2025 Non-Employee Director Plan reserves one million shares. These plans aim to align the interests of Altria’s employees and directors with those of its shareholders, fostering a culture of performance and accountability.
Furthermore, the Annual Meeting saw the election of 11 directors, the ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and the approval of executive compensation on an advisory basis.
These developments underscore Altria's commitment to strategic leadership and governance, ensuring the company remains well-positioned for future growth and shareholder value creation.
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