Brown-Forman Management

Management criteria checks 2/4

Brown-Forman's CEO is Lawson Whiting, appointed in Jan 2019, has a tenure of 5.83 years. total yearly compensation is $13.19M, comprised of 9.5% salary and 90.5% bonuses, including company stock and options. directly owns 0.015% of the company’s shares, worth €2.81M. The average tenure of the management team and the board of directors is 3 years and 6 years respectively.

Key information

Lawson Whiting

Chief executive officer

US$13.2m

Total compensation

CEO salary percentage	9.5%
CEO tenure	5.8yrs
CEO ownership	0.02%
Management average tenure	3yrs
Board average tenure	6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Lawson Whiting's remuneration changed compared to Brown-Forman's earnings?
Date	Total Compensation	Salary	Company Earnings
Jul 31 2024	n/a	n/a	US$988m
Apr 30 2024	US$13m	US$1m	US$1b
Jan 31 2024	n/a	n/a	US$965m
Oct 31 2023	n/a	n/a	US$780m
Jul 31 2023	n/a	n/a	US$765m
Apr 30 2023	US$10m	US$1m	US$783m
Jan 31 2023	n/a	n/a	US$727m
Oct 31 2022	n/a	n/a	US$886m
Jul 31 2022	n/a	n/a	US$895m
Apr 30 2022	US$8m	US$1m	US$838m
Jan 31 2022	n/a	n/a	US$807m
Oct 31 2021	n/a	n/a	US$767m
Jul 31 2021	n/a	n/a	US$771m
Apr 30 2021	US$9m	US$1m	US$903m
Jan 31 2021	n/a	n/a	US$911m
Oct 31 2020	n/a	n/a	US$923m
Jul 31 2020	n/a	n/a	US$965m
Apr 30 2020	US$6m	US$1m	US$827m
Jan 31 2020	n/a	n/a	US$858m
Oct 31 2019	n/a	n/a	US$854m
Jul 31 2019	n/a	n/a	US$821m
Apr 30 2019	US$4m	US$872k	US$835m
Jan 31 2019	n/a	n/a	US$786m
Oct 31 2018	n/a	n/a	US$749m
Jul 31 2018	n/a	n/a	US$739m
Apr 30 2018	US$2m	US$598k	US$717m

Compensation vs Market: Lawson's total compensation ($USD13.19M) is above average for companies of similar size in the German market ($USD4.78M).

Compensation vs Earnings: Lawson's compensation has increased by more than 20% in the past year.

CEO

Lawson Whiting (56 yo)

5.8yrs

Tenure

US$13,194,160

Compensation

Mr. Lawson E. Whiting has been Chief Executive Officer of Brown-Forman Corporation since January 1, 2019 and has been its President since March 28, 2019 and served as its President from January 1, 2019 to...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Campbell Brown	Executive Chairman	8.5yrs	US$739.25k	1.41% € 264.8m
Lawson Whiting	CEO, President & Director	5.8yrs	US$13.19m	0.015% € 2.8m
Leanne Cunningham	Executive VP & CFO	3.3yrs	US$3.78m	0.0019% € 361.3k
Marshall Farrer	Executive VP	14.8yrs	US$3.66m	0.0047% € 885.6k
Kelli Brown	Senior VP & Chief Accounting Officer	6.3yrs	no data	0.00057% € 106.7k
Timothy Nall	Executive VP	2.7yrs	no data	0.0028% € 526.1k
Larry Combs	Chief Information Officer and Director of Supply Chain Integration & Strategy	1.8yrs	no data	no data
Susanne Perram	Director of Investor Relations	no data	no data	no data
Michael Carr	Executive Vice President	less than a year	no data	0.00011% € 20.6k
Diane Nguyen	Chief People	less than a year	no data	0.000090% € 16.9k
Mark Bacon	Senior VP & Global MD of Jack Daniel’s Family of Brands	no data	no data	no data
Michael Masick	Executive VP & President of Emerging International	less than a year	no data	0.00020% € 37.4k

3.0yrs

Average Tenure

53yo

Average Age

Experienced Management: BF5B's management team is considered experienced (3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Campbell Brown	Executive Chairman	8.5yrs	US$739.25k	1.41% € 264.8m
Lawson Whiting	CEO, President & Director	6yrs	US$13.19m	0.015% € 2.8m
Marshall Farrer	Executive VP	8.5yrs	US$3.66m	0.0047% € 885.6k
Michael Roney	Independent Director	10.7yrs	US$312.00k	no data
Michael Todman	Lead Independent Director	10.8yrs	US$339.25k	no data
Elizabeth Smith	Independent Director	1.8yrs	US$6.72k	no data
Jan Singer	Independent Director	2.8yrs	US$275.50k	no data
Mark Clouse	Independent Director	2yrs	US$387.24k	no data
Tracy Skeans	Independent Director	6.7yrs	US$279.00k	no data
W. Musselman	Director	less than a year	no data	1.13% € 212.4m
Elizabeth Brown	Director	1.3yrs	no data	0.15% € 27.8m

6.0yrs

Average Tenure

57yo

Average Age

Experienced Board: BF5B's board of directors are considered experienced (6 years average tenure).

Brown-Forman Management

Management criteria checks 2/4

Key information

Recent management updates

High number of new directors

Brown-Forman Corporation Announces Board Changes

Brown-Forman Corporation, Annual General Meeting, Jul 25, 2024

Brown-Forman Corporation Announces Executive Changes

Brown-Forman Corporation Announces Emerging International Leadership Change

Brown-Forman Corporation Announces Management Appointments, Effective March 1, 2024

Recent updates

Brown-Forman Corporation Approves Quarterly Dividend, Payable on January 2, 2025

Butterfly II, LP, Butterfly II-A, LP and Butterfly II-B, LP managed by Butterfly Equity LP agreed to acquire The Duckhorn Portfolio, Inc. (NYSE:NAPA) from TSG Consumer Partners, LP, Mallard Holdco, LLC, Brown-Forman Corporation (NYSE:BF.B) and others for $1.6 billion.

Now 20% overvalued

First quarter 2025 earnings released: EPS: US$0.41 (vs US$0.48 in 1Q 2024)

New major risk - Financial position

Brown-Forman Corporation Reaffirms Earnings Guidance for the Fiscal 2025

Upcoming dividend of US$0.22 per share

Brown-Forman Corporation to Report Q1, 2025 Results on Aug 29, 2024

High number of new directors

Fourth quarter dividend of US$0.22 announced

Brown-Forman Corporation Announces Board Changes

Brown-Forman Corporation(NYSE:BF.A) dropped from Russell 1000 Growth-Defensive Index

Brown-Forman Corporation, Annual General Meeting, Jul 25, 2024

Brown-Forman Corporation Announces Executive Changes

Full year 2024 earnings released: EPS: US$2.15 (vs US$1.63 in FY 2023)

Brown-Forman Corporation Provides Earnings Guidance for the Year 2025

Third quarter dividend of US$0.22 announced

Brown-Forman Corporation Declares Regular Quarterly Cash Dividend on Its Class A and Class B Common Stock, Payable on July 1, 2024

Brown-Forman Corporation to Report Q4, 2024 Results on Jun 05, 2024

Brown-Forman Corporation Announces Emerging International Leadership Change

The Duckhorn Portfolio, Inc. (NYSE:NAPA) completed the acquisition of Sonoma-Cutrer Vineyards, Inc. from Brown-Forman Corporation (NYSE:BF.B).

Third quarter 2024 earnings released: EPS: US$0.60 (vs US$0.21 in 3Q 2023)

Brown-Forman Corporation Updates Earnings Guidance for the Fiscal Year 2024

Now 20% undervalued

Upcoming dividend of US$0.22 per share

Brown-Forman Corporation Announces Management Appointments, Effective March 1, 2024

Brown-Forman Corporation to Report Q3, 2024 Results on Mar 06, 2024

Brown-Forman Corporation Announces European Leadership Change, Effective March 1, 2024

Second quarter dividend of US$0.22 announced

Brown-Forman Corporation Declares Quarterly Cash Dividend, Payable on April 1, 2024

Now 21% undervalued after recent price drop

Now 20% undervalued after recent price drop

Brown-Forman Corporation Announces Management Changes

New minor risk - Dividend sustainability

Second quarter 2024 earnings released: EPS: US$0.51 (vs US$0.47 in 2Q 2023)

Brown-Forman Corporation Provides Earnings Guidance for the Fiscal Year 2024

Upcoming dividend of US$0.22 per share at 1.4% yield

The Duckhorn Portfolio, Inc. (NYSE:NAPA) entered into a definitive agreement to acquire Sonoma-Cutrer Vineyards, Inc. from Brown-Forman Corporation (NYSE:BF.B) for approximately $400 million.

The Duckhorn Portfolio, Inc. (NYSE:NAPA) entered into a definitive agreement to acquire Sonoma-Cutrer Vineyards, Inc. from Brown-Forman Corporation (NYSE:BF.B) on for approximately $400 million.

Brown-Forman Corporation to Report Q2, 2024 Results on Dec 06, 2023

Brown-Forman Corporation (NYSE:BF.B) announces an Equity Buyback for $400 million worth of its shares.

Brown-Forman Corporation Reaffirms Earnings Guidance for the Full Year 2024

Brown-Forman Corporation Reaffirms Earnings Guidance for the Full Year 2024

New major risk - Financial position

Upcoming dividend of US$0.21 per share at 1.2% yield

Brown-Forman Corporation to Report Q1, 2024 Results on Aug 30, 2023

Brown-Forman Corporation Announces Management Changes

Brown-Forman Corporation, Annual General Meeting, Jul 27, 2023

CC Beverages Holdings II B.V. agreed to acquire Finlandia Vodka Worldwide Ltd. from Brown-Forman Corporation (NYSE:BF.B) for $220 million.

CC Beverages Holdings II B.V. agreed to acquire Finlandia Vodka Worldwide Ltd. from Brown-Forman Corporation (NYSE:BF.B) for $220 million.

Full year 2023 earnings released: EPS: US$1.63 (vs US$1.75 in FY 2022)

Brown-Forman Corporation Provides Earnings Guidance for the Year 2024

Upcoming dividend of US$0.21 per share at 1.3% yield

Brown-Forman Corporation Declares Regular Quarterly Cash Dividend on Its Class A and Class B Common Stock, Payable on July 3, 2023

Brown-Forman Corporation to Report Q4, 2023 Results on Jun 07, 2023

Third quarter 2023 earnings released: EPS: US$0.21 (vs US$0.54 in 3Q 2022)

Upcoming dividend of US$0.21 per share at 1.3% yield

Brown-Forman Corporation to Report Q3, 2023 Results on Mar 08, 2023

Brown-Forman Corporation Declares Quarterly Cash Dividend, Payable on April 3, 2023

Brown-Forman Corporation Announces Executive Appointments

Brown-Forman Corporation (NYSE:BF.B) completed the acquisition of Diplomático Rum brand and related assets from Destillers United Group S.L.

Second quarter 2023 earnings released: EPS: US$0.47 (vs US$0.49 in 2Q 2022)

Brown-Forman Corporation Names Marshall Farrer, as Executive Vice President, Chief Strategic Growth Officer, Effective January 1, 2023

Upcoming dividend of US$0.21 per share

Brown-Forman Corporation Announces Board Appointments

Brown-Forman Increases Regular Quarterly Cash Dividend, Payable on January 3, 2023

Insufficient new directors

Brown-Forman Corporation to Report Q2, 2023 Results on Dec 07, 2022

Brown-Forman Corporation (NYSE:BF.B) completed the acquisition of Gin Mare Brand SL from Global Premium Brands, S.A. and Destilerias MG S.L.