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Brown-Forman Board Chair Announces Retirement

By Dayeeta Das
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Brown-Forman Board Chair Announces Retirement

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.

'Well-Planned' Transition

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.

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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.

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