Will a New CEO Save Altria Stock?
There's a new CEO at Altria (NYSE: MO), a development that isn't exactly a surprise after its previous helmsman took a medical leave last month. The tobacco giant is announcing on Friday morning that Billy Gifford is now serving as Altria's new CEO. He replaces Howard Willard, who has decided to retire as both chairman and CEO instead of returning from his break after contracting COVID-19 last month.
Gifford isn't a surprise. He was serving as Altria's CFO at the time of this week's promotion, and he has taken on several leadership roles since arriving at the company in 1994. Insiders don't usually shake things up, and bulls will argue that he doesn't need to. Altria is a steady grower that has rewarded its investors with 54 dividend hikes over the past 50 years. However, with a hazy future and some ill-advised recent acquisitions, it's not as if Altria is a company that can be run on cruise control. Gifford will have a lot to tackle at the top of this sin stock bellwether.
Image source: Altria.
Source Fool.com
