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LOUISVILLE, KY - Brown-Forman Corporation (NYSE:BF.A) (NYSE:BF.B), a $16 billion market cap beverages company with impressive gross profit margins of 59%, announced today the upcoming resignation of Marshall B. Farrer, the current Executive Vice President and Chief Strategic Growth Officer. According to InvestingPro data, the company maintains strong financial health with a current ratio of 3.49, indicating robust liquidity. Following the company’s 2025 Annual Meeting of Stockholders, Farrer will leave his executive role to assume the position of Chairman of the Board, contingent upon his reelection. The leadership transition comes as Brown-Forman’s stock has experienced a significant decline, down approximately 28% over the past six months, though the company maintains its 55-year streak of consecutive dividend payments.
The company disclosed in a recent SEC filing that Farrer informed them of his decision on April 25, 2025. His transition aligns with Brown-Forman’s strategic planning and leadership succession. In recognition of Farrer’s contributions and to facilitate his move, the Compensation Committee has approved a one-time payment of $865,000. This sum compensates for the loss of subsidized early retirement benefits and future accruals in the company’s pension plans due to his resignation.
Additionally, Farrer’s stock-settled appreciation rights (SSARs), awarded under the 2013 Omnibus Compensation Plan, will be treated as though he has retired from the company. His performance-based restricted stock unit awards, granted under the 2022 Omnibus Compensation Plan, will continue to vest as per the original grant agreements.
This executive shift comes as part of Brown-Forman’s ongoing corporate governance and leadership development process. The company, headquartered at 850 Dixie Highway, Louisville, Kentucky, has a rich history in the beverages sector, with a fiscal year ending on April 30. InvestingPro analysis reveals additional insights about the company’s performance and future outlook, with 12 analysts recently revising their earnings expectations for the upcoming period. Subscribers can access over 10 additional ProTips and comprehensive financial metrics.
The information provided is based on the latest SEC filing by Brown-Forman Corporation. The company’s shares are traded on the New York Stock Exchange under the ticker symbols BF.A and BF.B for its Class A and Class B common stock, respectively.
In other recent news, Brown-Forman Corporation reported third-quarter earnings that exceeded analyst expectations, with adjusted earnings per share reaching $0.57, surpassing the consensus estimate of $0.55. Despite a 3% year-over-year decline in reported net sales to $1.0 billion, the company’s organic net sales grew by 6% during the quarter. Brown-Forman reaffirmed its full-year outlook, projecting organic net sales and operating income growth of 2% to 4% for fiscal 2025. Additionally, the company recognized a $78 million gain from the sale of its investment in The Duckhorn Portfolio, Inc., which contributed $0.14 to diluted earnings per share. The company’s Whiskey portfolio showed improvement with flat reported net sales but a 2% organic growth, while the Tequila portfolio faced challenges with a 15% decline in net sales due to competitive pressures and macroeconomic issues. Brown-Forman also extended its credit agreement to 2029, ensuring continued financial flexibility. The extension was made with U.S. Bank National Association as the Administrative Agent, among others. Brown-Forman maintained its quarterly dividend of $0.2265 per share, marking its 81st consecutive year of regular quarterly cash dividends.
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