BROWN FORMAN CORP

Brown-Forman Corporation announced that Lawson Whiting will retire as President and Chief Executive Officer after nearly 30 years with the company. His retirement will be effective upon the appointment of his successor, for whom the Board has initiated a search process considering both internal and external candidates. Whiting will serve in an advisory role during the transition to ensure continuity. The company also reiterated its fiscal 2027 outlook.

Brown-Forman Corporation has filed its Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders, scheduled for July 23, 2026. The meeting will be held in person at Churchill Downs in Louisville, Kentucky. Key agenda items include the election of eleven director nominees, an advisory vote to approve executive compensation, and the ratification of the independent registered public accounting firm for fiscal year 2027. The record date for voting eligibility is June 9, 2026. Stockholders are encouraged to vote by proxy via telephone, online, or mail.

Brown-Forman highlighted its fiscal 2026 strategic growth and brand performance, emphasizing the Jack Daniel's family of brands as its most valuable asset and the engine of its financial performance. The company detailed its portfolio expansion, including the strong growth of Woodford Reserve, which sold over 1.9 million nine-liter cases. Brown-Forman also announced the conclusion of its partnership with Pabst Brewing Company for Jack Daniel's Country Cocktails, assuming full management effective July 7, 2026, and outlined significant evolutions in its U.S. and international distribution networks, alongside ongoing investments in sustainability and community initiatives.

Brown-Forman reported its fourth quarter and full fiscal year results for the period ended April 30, 2026. While Q4 net sales saw a modest 2% increase, full-year net sales declined 1%. Diluted earnings per share experienced significant drops in both the quarter (-62%) and the full year (-17%). Despite the earnings decline, the company highlighted strong cash flow generation, with operating cash flow up $402 million and free cash flow up $462 million. Brown-Forman also returned $827 million to shareholders through dividends and share repurchases. The company anticipates a challenging operating environment for fiscal 2027 with organic net sales expected to be flat.

Brown-Forman Corporation announced the termination of discussions regarding a potential business combination with Pernod Ricard. The company issued a press release on April 28, 2026, detailing this decision.