G Garvin Brown IV, the board chair of spirits company Brown-Forman, has announced his retirement from the board of directors, effective from July.
He will be succeeded by Campbell P Brown, who will assume the role at the company's annual shareholder meeting.
Garvin Brown has decided to step away after 14 years on the board and described his retirement as an example of the "deliberate and well-planned leadership transitions" that have ensured the company's success in the current market.
During Brown's tenure as the board chair, Brown-Forman delivered top-tier total shareholder return over the long term, reliable top-line growth, and industry-leading return on invested capital.
It was also recognised as an S&P 500 Dividend Aristocrat, marking 76 consecutive years of paying regular quarterly dividends and 37 consecutive years of dividend increases.
2020 marked the company's 150th year in business for the group.
Despite the hardship faced during the year, sales remained steady, and Brown-Forman was able to sell its Canadian Mist whiskey brand to Sazerac.
'Nothing Better In The Market'
Campbell Brown, who is to assume the reins in July, said it is a "great pleasure to serve in this role and continue the journey George Garvin Brown set us on when he pledged Brown-Forman's ambition, distilled into five simple words, that there is 'Nothing Better in the Market.'"
Campbell Brown has held various positions within the spirits company, most recently as president of Old Forester.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.