LOUISVILLE, Ky.–(BUSINESS WIRE)–Brown-Forman Company (NYSE:BFA) (NYSE:BFB) pronounces immediately that after 14 years of distinguished service as Board Chair, G. Garvin Brown IV will retire from the Board of Administrators in July. He can be succeeded by Campbell P. Brown, who will assume the Chair function on the firm’s Annual Assembly of Stockholders.
“Brown-Forman has endured and thrived as an impartial beverage alcohol firm partially due to our deliberate and well-planned management transitions, just like the one being introduced immediately,” stated Garvin Brown. “Over the previous a number of years, I’ve labored with our Lead Impartial Director and Chair of the Company Governance and Nominating Committee, John Cook dinner, to arrange for a considerate transition. Now, as we conclude our a hundred and fiftieth yr as an impartial, family-controlled distillery, the time is true to entrust management of the Board to Campbell. He brings to this place a deep data of brand name constructing, business and company technique, and a profound appreciation for the corporate, its folks, and its many stakeholders.”
“Garvin’s regular hand these final 14 years has helped the Board of Administrators navigate skillfully by way of a worldwide recession, portfolio re-shaping, important capital investments, a CEO transition, and extra lately a worldwide pandemic,” stated Lawson Whiting, President and CEO, Brown-Forman Company. “He has been a useful accomplice to me, and an efficient chief of the broader Board, given his instincts and expertise as a real model builder and enterprise strategist. Maybe most significantly, Garvin has exemplified the values on the core of Brown-Forman and acknowledged that our ambition to ‘enrich the expertise of life’ requires an unwavering dedication to a tradition of range and inclusion and a give attention to environmental, social, and governance elements related to our firm. His help of this work has been evident not solely in the way in which he embodied these beliefs, however the emphasis he locations on them within the boardroom and past.”
Throughout Garvin Brown’s tenure because the Board Chair, the Board’s stewardship contributed to Brown-Forman delivering top-tier complete shareholder return over the long run, dependable high line progress, industry-leading return on invested capital, and recognition as an S&P 500 Dividend Aristocrat, marking 76 consecutive years of paying common quarterly dividends and 37 consecutive years of dividend will increase.
Garvin Brown added, “As I method my retirement from Board service, I achieve this realizing the corporate is in wonderful fingers and that this transition is going on from a place of energy. Our firm is resilient, as evidenced by our means to face up to the uncertainty and upheaval of 2020, and it’s this resiliency that has allowed us to implement these modifications with confidence. Collectively, Lawson and Campbell carry greater than 50 years of beverage alcohol brand-building expertise to Brown-Forman and in partnership with the Board, the administration workforce, devoted staff, and dedicated shareholders, the corporate has a brilliant future and can proceed to thrive.”
“It’s been a privilege to guide the Company Governance and Nominating Committee since 2011, throughout which period we’ve labored on and outlined long-term succession planning tasks reminiscent of this one, and the 2018 announcement on CEO succession,” stated John Cook dinner. “In Campbell, we see a real chief who has a historical past of brand name constructing and a full understanding of the corporate’s tradition and values. He’s the proper particular person to imagine the function of Chair and to assist steward Brown-Forman as we create long-term shareholder worth.”
Campbell Brown stated, “I’m deeply honored by the Board’s resolution to nominate me as its incoming Chair. Garvin and John, working alongside Lawson, have created an efficient and dynamic Board. It will likely be my nice pleasure to serve on this function and proceed the journey George Garvin Brown set us on when he pledged Brown-Forman’s ambition, distilled into 5 easy phrases, that there’s ‘Nothing Higher within the Market.’”
This transition can be accomplished on the 2021 Annual Assembly of Stockholders.
G. Garvin Brown
G. Garvin Brown is a great-great grandson of the corporate’s founder. He started his profession with Brown-Forman in 1996 as a wine salesperson in Metro New York and progressed by way of a sequence of company and operational roles. Notably, Garvin served because the Model Director for Jack Daniel’s Tennessee Whiskey for Europe and Africa and Managing Director of Western Europe and Africa, two roles that additional developed his expertise as a model and enterprise chief. He joined the Board of Administrators in 2006 as a part of a deliberate transition between the fourth and fifth generations of the Brown household and assumed the obligations of Chair of the Board when Owsley Brown II relinquished them in 2007. Garvin can also be a founding member of the Brown-Forman/Brown Household Shareholders Committee and a Board member of DendriFund, a basis targeted on the sustainability of parts wanted to create wonderful bourbon whiskey – wooden, water, and grain.
Campbell P. Brown
Campbell P. Brown, 53, additionally a great-great grandson of the corporate’s founder, has been with Brown-Forman for 26 years. Campbell began his profession as a part of Brown-Forman’s march to globalization, main enterprise growth efforts in vital rising markets reminiscent of India and Turkey. Upon his return to the U.S., he progressively acquired extra duty main model and business efforts and more and more bigger groups. Campbell managed Jack Daniel’s Tennessee Whiskey and, most lately, has been stewarding the renaissance of the corporate’s founding model as President of Previous Forester. He’s additionally a founding member of the Brown-Forman/Brown Household Shareholders Committee, served on the board of DendriFund, and joined the Brown-Forman Board of Administrators in 2016. Campbell serves on the Board of Administrators for the Kentucky Distillers Affiliation, representing Brown-Forman’s pursuits in its residence state.
For 150 years, Brown-Forman Company has enriched the expertise of life by responsibly constructing superb high quality beverage alcohol manufacturers, together with Jack Daniel’s Tennessee Whiskey, Jack Daniel’s Tennessee RTDs, Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fireplace, Gentleman Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador, Woodford Reserve, Previous Forester, Coopers’ Craft, Herradura, New Combine, Sonoma-Cutrer, Chambord, BenRiach, GlenDronach, Slane, and Fords Gin. Brown-Forman’s manufacturers are supported by roughly 4,800 staff and offered in additional than 170 international locations worldwide. For extra details about the corporate, please go to http://www.brown-forman.com/.
Essential Info on Ahead-Wanting Statements:
This press launch accommodates statements, estimates, and projections which are “forward-looking statements” as outlined below U.S. federal securities legal guidelines. Phrases reminiscent of “purpose,” “anticipate,” “aspire,” “consider,” “can,” “proceed,” “may,” “envision,” “estimate,” “anticipate,” “expectation,” “intend,” “could,” “would possibly,” “plan,” “potential,” “undertaking,” “pursue,” “see,” “search,” “ought to,” “will,” “would,” and related phrases point out forward-looking statements, which communicate solely as of the date we make them. Besides as required by legislation, we don’t intend to replace or revise any forward-looking statements, whether or not on account of new data, future occasions, or in any other case. By their nature, forward-looking statements contain dangers, uncertainties, and different elements (many past our management) that might trigger our precise outcomes to vary materially from our historic expertise or from our present expectations or projections. These dangers and uncertainties embody, however usually are not restricted to:
- Affect of well being epidemics and pandemics, together with the COVID-19 pandemic, and the ensuing damaging financial affect and associated governmental actions
- Dangers related to being a U.S.-based firm with world operations, together with business, political, and monetary dangers; native labor insurance policies and situations; protectionist commerce insurance policies, or financial or commerce sanctions, together with further retaliatory tariffs on American spirits and the effectiveness of our actions to mitigate the damaging affect on our margins, gross sales, and distributors; compliance with native commerce practices and different laws; terrorism; and well being pandemics
- Failure to adjust to anti-corruption legal guidelines, commerce sanctions and restrictions, or related legal guidelines or laws
- Fluctuations in overseas foreign money trade charges, notably a stronger U.S. greenback
- Modifications in legal guidelines, regulatory measures, or governmental insurance policies – particularly people who have an effect on the manufacturing, importation, advertising and marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol merchandise
- Tax charge modifications (together with excise, gross sales, VAT, tariffs, duties, company, particular person revenue, dividends, or capital positive aspects) or modifications in associated reserves, modifications in tax guidelines or accounting requirements, and the unpredictability and suddenness with which they will happen
- Unfavorable world or regional financial situations, notably associated to the COVID-19 pandemic, and associated financial slowdowns or recessions, low client confidence, excessive unemployment, weak credit score or capital markets, price range deficits, burdensome authorities debt, austerity measures, larger rates of interest, larger taxes, political instability, larger inflation, deflation, decrease returns on pension property, or decrease low cost charges for pension obligations
- Dependence upon the continued progress of the Jack Daniel’s household of manufacturers
- Modifications in client preferences, consumption, or buy patterns – notably away from bigger producers in favor of small distilleries or native producers, or away from brown spirits, our premium merchandise, or spirits typically, and our means to anticipate or react to them; legalization of marijuana use on a extra widespread foundation; shifts in client buy practices from conventional to e-commerce retailers; bar, restaurant, journey, or different on-premise declines; shifts in demographic or well being and wellness tendencies; or unfavorable client response to new merchandise, line extensions, package deal modifications, product reformulations, or different product innovation
- Decline within the social acceptability of beverage alcohol in important markets
- Manufacturing facility, growing older warehouse, or provide chain disruption
- Imprecision in provide/demand forecasting
- Increased prices, decrease high quality, or unavailability of vitality, water, uncooked supplies, product components, labor, or completed items
- Vital further labeling or warning necessities or limitations on availability of our beverage alcohol merchandise
- Opponents’ and retailers’ consolidation or different aggressive actions, reminiscent of pricing actions (together with worth reductions, promotions, discounting, couponing, or free items), advertising and marketing, class enlargement, product introductions, or entry or enlargement in our geographic markets or distribution networks
- Route-to-consumer modifications that have an effect on the timing of our gross sales, quickly disrupt the advertising and marketing or sale of our merchandise, or end in larger mounted prices
- Stock fluctuations in our merchandise by distributors, wholesalers, or retailers
- Dangers related to acquisitions, inclinations, enterprise partnerships, or investments – reminiscent of acquisition integration, termination difficulties or prices, or impairment in recorded worth
- Counterfeiting and insufficient safety of our mental property rights
- Product recollects or different product legal responsibility claims, product tampering, contamination, or high quality points
- Vital authorized disputes and proceedings, or authorities investigations
- Cyber breach or failure or corruption of key data know-how techniques, or failure to adjust to private information safety legal guidelines
- Unfavorable publicity associated to our firm, merchandise, manufacturers, advertising and marketing, government management, staff, board of administrators, household stockholders, operations, enterprise efficiency, or prospects
- Failure to draw or retain key government or worker expertise
- Our standing as a household “managed firm” below New York Inventory Trade guidelines, and our dual-class share construction
For additional data on these and different dangers, please consult with our public filings, together with the “Danger Components” part of our annual report on Kind 10-Okay and quarterly experiences on Kind 10-Q filed with the Securities and Trade Fee.