Paul Varga to Retire; Lawson Whiting Named Incoming CEO as of
January 1, 2019
Brown-Forman Corporation (NYSE: BFA) (NYSE: BFB) announced today
that after a distinguished 31 years of service at the company,
Chief Executive Officer Paul C. Varga has decided to retire,
effective December 31, 2018. Varga will be succeeded by Lawson E.
Whiting, unanimously approved by the Board of Directors. Whiting, a
21-year veteran of the company who currently serves as EVP and
Chief Operating Officer, will become the tenth executive leader of
Brown-Forman, since its founding in 1870 by George Garvin
Brown.
Varga began his CEO tenure in 2003 overseeing the company’s
beverage business and succeeded Owsley Brown II as the
corporation’s CEO in 2005. During his time leading the company,
Varga focused Brown-Forman’s business on its premium spirits
portfolio, significantly expanded the company’s global presence,
initiated meaningful brand innovations, expertly deployed capital,
and championed the company’s corporate responsibility and diversity
and inclusion agendas. His leadership resulted in Brown-Forman
enjoying some of the highest and most consistent growth rates in
the distilled spirits industry over this time horizon. Most
notably, the company’s total shareholder return (TSR) during his
leadership tenure to date has been 17%, propelled by an almost
six-fold increase in the company’s market capitalization, which
today approximates $28 billion. Varga will remain on the
Brown-Forman Board of Directors.
George Garvin Brown IV, chairman of the board since 2007,
thanked Varga for his leadership. “On behalf of our Board of
Directors, the employees, and all Brown-Forman shareholders, I
would like to express my gratitude to Paul for leading the extended
Brown-Forman community for the last 15 years. Paul entered the
leadership ranks at a time when the future of American Whiskey was
in doubt, even in the United States. He will retire having
successfully grown the Jack Daniel’s franchise into one of the most
valuable spirits trademarks in the world. His transformation of our
portfolio, coupled with his multi-year execution of balanced
shareholder-friendly capital deployment, marks his tenure as
arguably the most successful CEO in our industry’s modern era.”
Varga stated, “It has been a privilege to serve Brown-Forman
over the last three decades. In determining the best time to
implement the final piece of this succession plan, I naturally
considered the readiness of the company to navigate a leadership
transition such as this, and now is the right time. Also, having
worked with Lawson over the last two decades, I believe, and the
Board has concluded, that he is ideally suited and very well
prepared to succeed as Brown-Forman’s next CEO.”
Whiting, who is 49, began his career with the company in
corporate development and investor relations. Since then he has
held several leadership positions, taking on assignments in
finance, marketing and commercial functions in the United States
and in Europe. Prior to his current role, Whiting served as EVP and
Chief Brands and Strategy Officer (2015 to 2017), during which time
he was responsible for re-shaping Brown-Forman’s portfolio,
including the acquisition of the BenRiach company in Scotland, the
launch of Slane Irish Whiskey, and the significant investments in
Woodford Reserve and Old Forester bourbon brands. Previously he was
SVP and Chief Brands Officer (2013 to 2015) and SVP and Managing
Director for Western Europe (2011 to 2013). Whiting earned a B.A.
from Miami University and a M.B.A. from The University of Chicago’s
Graduate School of Business.
Commenting on Whiting’s appointment, Brown said, “The Board, and
in particular its Governance & Nominating Committee led by Lead
Independent Director John Cook, have been working on succession
planning with Paul since his earliest days as CEO, more than 10
years ago. Looking ahead, we believe that in Lawson we have another
Brown-Forman leader with the strength of character and the
intellectual rigor that is uniquely well-suited to lead our
independent culture and our teams in balanced long-term thinking
and global brand building. He is the right leader to help
Brown-Forman seize the enormous global opportunities that lie ahead
of us for many years to come.”
“I am honored and excited to become Brown-Forman’s next CEO,”
said Whiting. “I am taking on this responsibility at a time when
the company is performing very well thanks to Paul, my colleagues
across the company, and the support of the Brown family and the
Board of Directors. We will continue to focus on the premium
American Whiskey category and further strengthen our super-premium
brand portfolio, as well as develop our people around the world. I
look forward to leading Brown-Forman into its next generation of
growth.”
For almost 150 years, Brown-Forman Corporation has enriched the
experience of life by responsibly building fine quality beverage
alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack
Daniel’s & Cola, Jack Daniel’s Tennessee Honey, Jack Daniel’s
Tennessee Fire, Gentleman Jack, Jack Daniel’s Single Barrel,
Finlandia, Korbel, el Jimador, Woodford Reserve, Old Forester,
Canadian Mist, Herradura, New Mix, Sonoma-Cutrer, Early Times,
Chambord, BenRiach, GlenDronach and Slane. Brown-Forman’s brands
are supported by nearly 4,700 employees and sold in more than 165
countries worldwide. For more information about the company, please
visit http://www.brown-forman.com/.
This press release contains statements, estimates, and
projections that are “forward-looking statements” as defined under
U.S. federal securities laws. Words such as “aim,” “anticipate,”
“aspire,” “believe,” “continue,” “could,” “envision,” “estimate,”
“expect,” “expectation,” “intend,” “may,” “plan,” “potential,”
“project,” “pursue,” “see,” “seek,” “should,” “will,” and similar
words identify forward-looking statements, which speak only as of
the date we make them. Except as required by law, we do not intend
to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise. By their
nature, forward-looking statements involve risks, uncertainties and
other factors (many beyond our control) that could cause our actual
results to differ materially from our historical experience or from
our current expectations or projections. These risks and
uncertainties include, but are not limited to:
- Unfavorable global or regional economic
conditions, and related low consumer confidence, high unemployment,
weak credit or capital markets, budget deficits, burdensome
government debt, austerity measures, higher interest rates, higher
taxes, political instability, higher inflation, deflation, lower
returns on pension assets, or lower discount rates for pension
obligations
- Risks associated with being a
U.S.-based company with global operations, including commercial,
political and financial risks; local labor policies and conditions;
protectionist trade policies or economic or trade sanctions;
compliance with local trade practices and other regulations,
including anti-corruption laws; terrorism; and health
pandemics
- Fluctuations in foreign currency
exchange rates, particularly a stronger U.S. dollar
- Changes in laws, regulations, or
policies - especially those that affect the production,
importation, marketing, labeling, pricing, distribution, sale, or
consumption of our beverage alcohol products
- Tax rate changes (including excise,
sales, VAT, tariffs, duties, corporate, individual income,
dividends, capital gains) or changes in related reserves, changes
in tax rules (for example, LIFO, foreign income deferral, U.S.
manufacturing and other deductions) or accounting standards, and
the unpredictability and suddenness with which they can occur
- Dependence upon the continued growth of
the Jack Daniel’s family of brands
- Changes in consumer preferences,
consumption or purchase patterns - particularly away from larger
producers in favor of smaller distilleries or local producers, or
away from brown spirits, our premium products, or spirits
generally, and our ability to anticipate or react to them; bar,
restaurant, travel or other on-premise declines; shifts in
demographic trends; unfavorable consumer reaction to new products,
line extensions, package changes, product reformulations, or other
product innovation
- Decline in the social acceptability of
beverage alcohol products in significant markets
- Production facility, aging warehouse or
supply chain disruption
- Imprecision in supply/demand
forecasting
- Higher costs, lower quality or
unavailability of energy, water, raw materials, product
ingredients, labor or finished goods
- Route-to-consumer changes that affect
the timing of our sales, temporarily disrupt the marketing or sale
of our products, or result in higher implementation-related or
fixed costs
- Inventory fluctuations in our products
by distributors, wholesalers, or retailers
- Competitors’ consolidation or other
competitive activities, such as pricing actions (including price
reductions, promotions, discounting, couponing or free goods),
marketing, category expansion, product introductions, or entry or
expansion in our geographic markets or distribution networks
- Risks associated with acquisitions,
dispositions, business partnerships or investments - such as
acquisition integration, termination difficulties or costs, or
impairment in recorded value
- Inadequate protection of our
intellectual property rights
- Product recalls or other product
liability claims; product counterfeiting, tampering, contamination,
or product quality issues
- Significant legal disputes and
proceedings; government investigations (particularly of industry or
company business, trade or marketing practices)
- Failure or breach of key information
technology systems
- Negative publicity related to our
company, brands, marketing, personnel, operations, business
performance or prospects
- Failure to attract or retain key
executive or employee talent
- Our status as a family “controlled
company” under New York Stock Exchange rules
For further information on these and other risks, please refer
to the “Risk Factors” section of our annual report on Form 10-K and
quarterly reports on Form 10-Q filed with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20180529006191/en/
Brown-Forman CorporationPhil Lynch, 502-774-7928Vice
PresidentCorporate Communications and Public RelationsorJay Koval,
502-774-6903Vice PresidentInvestor Relations and Community
Relations
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