- Push-out Score suggests push-out forces
- After about six years in the position
- Accolades, praise and thanks for Barrington
- Howard Willard taking over
- Barrington spoke at length and said 73 words
(exechange) — Richmond, Virginia, February 1, 2018 — Marty Barrington, chief executive of Altria, leaves. As announced by Altria Group, Inc. in a news release and in a regulatory filing published on Thursday, February 1, 2018, Martin J. (Marty) Barrington leaves his post as Chief Executive Officer at the Marlboro maker after about six years in the position, effective May 17, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.2 years, according to data compiled by exechange.
Barrington’s duties will be taken over by Howard Willard, currently Chief Operating Officer at Altria Group, Inc.
Barrington’s move is part of a management shake-up also involving the position of Vice Chairman.
“The result of our long-term succession planning process”
The management change is explained as follows. Thomas Farrell, the Presiding Director, said: “Our election of Howard as the next Chairman and CEO is the result of our long-term succession planning process.”
Precise information about Barrington’s future plans was not immediately available.
Altria said: “Altria announces today that Marty Barrington has decided to retire later this year at age 65, having completed more than 25 years of distinguished service, including six years as Chairman and CEO.”
Altria further said: “Martin J. Barrington informed the Company’s Board of Directors … of his decision to retire as the Company’s Chairman, Chief Executive Officer and President after 25 years of distinguished service to the Company and its subsidiaries, effective upon the conclusion of the Company’s Annual Meeting of Shareholders on May 17, 2018.”
Share price decline
The change follows a decline in the share price of Altria Group, Inc. since June 2017.
In the position of CEO since 2012
Martin J. Barrington has been the Chief Executive Officer and Chairman of Altria Group, Inc. since May 17, 2012 and has been its President since March 1, 2015.
Barrington served as the President and Chief Operating Officer of Altria Group, Inc. until May 17, 2012.
During his more than 20 years at Altria Group, Barrington has served in numerous executive roles – business and legal, domestic and international – for virtually all the companies in the Altria family.
These include Vice Chairman of Altria Group; Executive Vice President and Chief Administrative Officer of Altria Group; Senior Vice President and General Counsel of Philip Morris International (a separate public company spun-off from Altria Group in 2008); and Senior Vice President and General Counsel of Philip Morris USA.
Barrington serves on the Board of Directors of Anheuser-Busch InBev.
Among his community commitments, Barrington serves on the Board of Trustees of the Virginia Museum of Fine Arts and on the Board of Directors of the Richmond Performing Arts Center.
Barrington also informed the Board that he will not stand for re-election to the Board at the 2018 Annual Meeting.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Marty Barrington’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 6.2018 ($).