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Jump to full article: Associated Press (AP), 2012-01-27
Author: MICHAEL FELBERBAUM, AP Tobacco Writer
Intro: Marlboro maker Altria Group Inc. said Friday that its fourth-quarter profit fell about 9 percent on lease, legal and restructuring charges even as higher prices and gains from its smokeless tobacco products helped bolster its sales.
The owner of the nation's biggest cigarette maker, Philip Morris USA, also announced that CEO Michael E. Szymanczyk will retire in May following the company's annual shareholder meeting. Altria's board has selected Martin J. Barrington to replace him as CEO and chairman, and David R. Beran will serve as president and chief operating officer.
The company also disclosed that it has entered into an agreement with an affiliate of Fertin Pharma A/S to develop non-combustible nicotine-containing products. Several other tobacco companies have announced similar initiatives to seek cigarette alternatives as demand declines.
"Altria continues to focus on lower-risk products that appeal to adult tobacco consumers," Szymanczyk said in a conference call with investors.
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