Altria’s Barrington to retire in May

Marty Barrington

Marty Barrington

After six years at the helm of Richmond’s resident tobacco giant, Marty Barrington is calling an end to his 25-year career at Altria Group.

The company announced Thursday that Barrington will retire as CEO, chairman and president effective May 17, at the conclusion of the company’s annual shareholders meeting.

COO and Executive Vice President Howard Willard will replace Barrington as chairman and CEO.

Altria’s board of directors elected Willard on Wednesday, the day after Barrington informed the board of his decision.

The board also named CFO Billy Gifford as vice chairman effective May 17.

The 65-year-old Barrington has served in multiple senior leadership roles in his 25 years at Altria. He was named chairman and CEO in 2012 after stints as COO, CFO and board member of beer company SABMiller.

In a release, Barrington expressed confidence in Willard as his successor, calling the 54-year-old “immensely qualified and ready to take Altria forward when I step away in May.”

The announcement came at the close of Altria’s fourth quarter and full-year earnings report for 2017. Net revenue for the quarter that ended Dec. 31 totaled $6.1 billion, compared to $6.25 billion the same three months of 2016. Profits totaled $4.96 billion, compared to $10.27 billion the same quarter the previous year.

Revenue for the year totaled $25.57 billion, down 0.7 percent from 2016, when revenue reached $25.74 billion. Yearend profits totaled $10.22 billion, down 28.2 percent from $14.23 billion in 2016.

Those numbers are up from when Barrington started as CEO. In 2012, the company’s revenue totaled $24.61 billion. Profits that year totaled $4.18 billion.

Headquartered at Reynolds Crossing in Henrico, Altria’s subsidiaries include Philip Morris USA, U.S. Smokeless Tobacco Co. and John Middleton Co. Altria also holds an equity investment in Anheuser-Busch InBev.

During Barrington’s tenure, the company has continued impacting the Richmond community, contributing $10 million toward a $60 million renovation of the now-named Altria Theater. Barrington also has been involved in regional efforts such as the “GO Virginia” economic development campaign, and he’s part of a group of investors making a pitch to build a downtown arena to replace the Richmond Coliseum and redevelop surrounding blocks.

Barrington received $27.57 million in total compensation in 2016, more than twice the compensation he received the previous two years. His 2016 compensation included a $1.4 million salary, $6.5 million in stock awards, $3.9 million annual incentive plan and $12.06 million long-term incentive plan. The previous years did not include a long-term incentive plan payment.

Marty Barrington

Marty Barrington

After six years at the helm of Richmond’s resident tobacco giant, Marty Barrington is calling an end to his 25-year career at Altria Group.

The company announced Thursday that Barrington will retire as CEO, chairman and president effective May 17, at the conclusion of the company’s annual shareholders meeting.

COO and Executive Vice President Howard Willard will replace Barrington as chairman and CEO.

Altria’s board of directors elected Willard on Wednesday, the day after Barrington informed the board of his decision.

The board also named CFO Billy Gifford as vice chairman effective May 17.

The 65-year-old Barrington has served in multiple senior leadership roles in his 25 years at Altria. He was named chairman and CEO in 2012 after stints as COO, CFO and board member of beer company SABMiller.

In a release, Barrington expressed confidence in Willard as his successor, calling the 54-year-old “immensely qualified and ready to take Altria forward when I step away in May.”

The announcement came at the close of Altria’s fourth quarter and full-year earnings report for 2017. Net revenue for the quarter that ended Dec. 31 totaled $6.1 billion, compared to $6.25 billion the same three months of 2016. Profits totaled $4.96 billion, compared to $10.27 billion the same quarter the previous year.

Revenue for the year totaled $25.57 billion, down 0.7 percent from 2016, when revenue reached $25.74 billion. Yearend profits totaled $10.22 billion, down 28.2 percent from $14.23 billion in 2016.

Those numbers are up from when Barrington started as CEO. In 2012, the company’s revenue totaled $24.61 billion. Profits that year totaled $4.18 billion.

Headquartered at Reynolds Crossing in Henrico, Altria’s subsidiaries include Philip Morris USA, U.S. Smokeless Tobacco Co. and John Middleton Co. Altria also holds an equity investment in Anheuser-Busch InBev.

During Barrington’s tenure, the company has continued impacting the Richmond community, contributing $10 million toward a $60 million renovation of the now-named Altria Theater. Barrington also has been involved in regional efforts such as the “GO Virginia” economic development campaign, and he’s part of a group of investors making a pitch to build a downtown arena to replace the Richmond Coliseum and redevelop surrounding blocks.

Barrington received $27.57 million in total compensation in 2016, more than twice the compensation he received the previous two years. His 2016 compensation included a $1.4 million salary, $6.5 million in stock awards, $3.9 million annual incentive plan and $12.06 million long-term incentive plan. The previous years did not include a long-term incentive plan payment.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected]

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMEBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments