Brown-Forman Announces Change in Board of Directors Chair

Brown-Forman Corporation (NYSE:BFA) (NYSE:BFB) announces today that after 14 years of distinguished service as Board Chair, G. Garvin Brown IV will retire from the Board of Directors in July. He will be succeeded by Campbell P. Brown, who will assume the Chair role at the company’s Annual Meeting of Stockholders.

“Brown-Forman has endured and thrived as an independent beverage alcohol company in part because of our deliberate and well-planned leadership transitions, like the one being announced today,” said Garvin Brown. “Over the past several years, I have worked with our Lead Independent Director and Chair of the Corporate Governance and Nominating Committee, John Cook, to prepare for a thoughtful transition. Now, as we conclude our 150th year as an independent, family-controlled distillery, the time is right to entrust leadership of the Board to Campbell. He brings to this position a deep knowledge of brand building, commercial and corporate strategy, and a profound appreciation for the company, its people, and its many stakeholders.”

“Garvin’s steady hand these last 14 years has helped the Board of Directors navigate skillfully through a global recession, portfolio re-shaping, significant capital investments, a CEO transition, and more recently a global pandemic,” said Lawson Whiting, President and CEO, Brown-Forman Corporation. “He has been an invaluable partner to me, and an effective leader of the broader Board, given his instincts and experience as a true brand builder and business strategist. Perhaps most importantly, Garvin has exemplified the values at the core of Brown-Forman and recognized that our ambition to 'enrich the experience of life' requires an unwavering commitment to a culture of diversity and inclusion and a focus on environmental, social, and governance factors relevant to our company. His support of this work has been evident not only in the way he embodied these ideals, but the emphasis he places on them in the boardroom and beyond.”

During Garvin Brown’s tenure as the Board Chair, the Board’s stewardship contributed to Brown-Forman delivering top-tier total shareholder return over the long term, reliable top line growth, industry-leading return on invested capital, and recognition as an S&P 500 Dividend Aristocrat, marking 76 consecutive years of paying regular quarterly dividends and 37 consecutive years of dividend increases.