Juul brand vaping pens are seen for sale in a shop in Manhattan in New York City, New York, U.S., February 6, 2019.
Mike Segar | Reuters
Altria Chief Executive Officer Howard Willard will not receive an annual incentive award as a result of the Marlboro maker's souring minority investment in e-cigarette company Juul Labs, a regulatory filing showed on Friday.
"The Compensation Committee considered the significant impact that Altria's 2018 minority investment in JUUL Labs, Inc. has had on shareholder value. As a result...Willard should not receive an award under the Annual Incentive Plan for 2019," the company said.
Altria valued its 35% stake in Juul at $4.2 billion as of the end of 2019, down from $12.8 billion in December 2018.
The company also said Willard's base salary in 2020 would not increase from $1.25 million.