By Dave Sebastian
Altria Group Inc. said it has elected Jody Begley, the company's senior vice president for tobacco products, as its operating chief, effective Sept. 1.
Mr. Begley, 49 years old, has been with the company in various positions since 1995.
The company said Friday Mr. Begley's annual base salary is $650,000. His annual incentive award plan target is 95% of his base salary, and his annual equity award target is $1.75 million, Altria said.
After the transition to the overlapping three-year incentive plans is complete, the company said Mr. Begley's award will be 140% of his base salary. Before that, his targets will be 183% of the 140% for the 2020-2022 period, and 117% of the 140% for the 2021-2023 period, Altria said.
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