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Toni Tsvetanova joined one of the world’s largest producers of tobacco and nicotine alternatives inspired by the drive for change she saw happening inside the organization.
“Altria has created a real vision of helping transition adult smokers to a smoke-free future,” says the current assistant general counsel. “This organization stands behind that vision, working to find and create alternative products and reduce harm for adult smokers. My M&A background allows me to help achieve that future. It’s inspiring for me to be part of that mission.”
Tsvetanova brings a wealth of skills and distinctions to Altria. The Harvard Law School graduate speaks several languages. As an undergrad, she received the prestigious Thomas J. Watson Fellowship, which took her to France, Argentina, Brazil, Peru, India, and Uganda to conduct field research on social entrepreneurship. In private practice, Tsvetanova worked on M&A deals ranging from several billion dollars to the low millions.
That multitude of M&A experience proved a perfect primer for going in-house because of how many stakeholders Tsvetanova interacted with on a regular basis.
“You’re like a quarterback, coordinating between your clients and a number of specialists, including IP, tax, employee benefits, and labor and employment specialists, not to mention the other party,” Tsvetanova explains. “You have to understand the contract and merger agreements, and because you’re client facing, you have to translate that information just as skillfully as you execute it.”
Fortunately, Tsvetanova enjoys and excels at client interaction. The lawyer loves learning and the fast pace of M&A work, but she wanted to be part of a longer-term vision. That’s why she wanted to go in-house.
“I understand how some people may see the tobacco industry, but I came here and met this incredible group of people who are working proactively on tobacco harm reduction.”
Toni Tsvetanova
But even with that prep, the transition wasn’t seamless.
“There is a steep learning curve when you go in-house as you learn what’s expected of you,” Tsvetanova says. “Your clients want practical solutions, not long emails explaining the language of the law and what could hypothetically happen. Sometimes, you don’t have a solution on hand and need to find that information and get back to them. I’ve come to love that kind of partnership and collaboration, but developing the necessary skill set to be an effective in-house counsel was an adjustment.”
Since coming to Altria in 2022 in a senior counsel role, Tsvetanova’s promotion to AGC has come on the heels of some large acquisitions and joint partnerships. In 2023, Altria acquired NJOY Holdings, a $2.75 billion deal that brought the electronic cigarette and vaping company into the Altria fold. According to Altria, the transaction was part of the company’s pledge to continue “Moving Beyond Smoking,” and Tsvetanova was instrumental to closing the deal.
At the end of 2022, Altria entered a “global smoke-free” partnership with JT Group to accelerate harm reduction and, more specifically, a joint venture for the US marketing and commercialization of heated tobacco sticks (HTS). The joint venture is working to submit a pre-market tobacco product application for the latest version of Ploom HTS products, which are not currently commercialized in the US.
“The idea here is for two large companies to collaborate to bring new products to market,” Tsvetanova explains. “In this case, it’s two organizations working to bring more cigarette alternatives to adult consumers. Joint ventures are an interesting transaction from an M&A point of view, and both [this deal and the NJOY] deals have been fascinating to be part of.”
The tobacco industry itself has been an education for the AGC. Tsvetanova says Altria exemplifies a company that goes above and beyond to ensure that its products and marketing are compliant and aligned to seek that world “beyond smoking.”
“I understand how some people may see the tobacco industry, but I came here and met this incredible group of people who are working proactively on tobacco harm reduction,” Tsvetanova says. “It’s impressive and refreshing how thoughtful and responsible the people here are. I feel lucky to be here.”
Altria’s outside counsel have been impressed by Tsvetanova’s legal prowess and enthusiasm for her work. “Toni is an exceptionally diligent and knowledgeable corporate counsel,” says Kristen Rohr, Partner, White & Case. “Toni consistently prioritizes Altria’s best interests and has shown time and time again that she has the expertise and dedication to execute complex projects with excellence.”
Outside of work, Tsvetanova has continued to pledge her time to organizations like the Florida Bar Association. As a past chair of the association’s corporation, securities, and financial services committee, she has been helping review and evolve Florida’s not-for-profit statute.
“Altria has created a real vision of helping transition adult smokers to a smoke-free future . . . My M&A background allows me to help achieve that future.”
Toni Tsvetanova
The lawyer is also on the board for Junior Achievement of Greater Miami. The nonprofit offers classes to underserved students from elementary to high school age that cover financial literacy, entrepreneurship, work readiness, and other life skills they may not be getting at school.
The social impact portion of this work is in line with Tsvetanova’s early interest in driving social change through both government intervention and social entrepreneurship. In another life, Tsvetanova may have devoted her entire career to pursuing this interest. But finding a public sector job straight out of law school was incredibly difficult, given Tsvetanova’s immigrant status and need for visa sponsorship. That’s why she remains so committed, off the clock, to organizations driving meaningful change in her community.
