Brown-Forman Corporation (NYSE:BFA) (NYSE:BFB) announces today a
leadership change in its chief financial officer (CFO) role. Jane
Morreau, executive vice president, chief financial officer, will be
leaving Brown-Forman after a nearly three-decade career at the
company on July 1. Leanne Cunningham, senior vice president,
shareholder relations officer, global commercial finance and
financial planning and analysis, has been appointed chief financial
officer, to succeed Morreau on July 2.
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Jane Morreau (Photo: Business Wire)
Morreau joined Brown-Forman in 1991 and ascended through the
finance ranks in planning and analytics, corporate financial
reporting, capital management, and commercial finance, eventually
becoming the company’s first female controller and chief accounting
officer (CAO). In 2008, she became a member of the Executive
Leadership Team and, in addition to her role as CAO, also assumed
responsibility for global production finance, brands and commercial
finance, and information technology (IT). In 2013, Morreau assumed
the role of chief production officer (CPO) and head of information
technology before being promoted to chief financial officer a year
later. As CFO, Morreau has spearheaded innovative capital
investment strategies, resource allocation models, business
transformation efforts, and implemented analytic tools and
technologies that have been instrumental to achieving the company’s
corporate ambitions. She leaves a legacy of furthering the
globalization of Brown-Forman’s business, reshaping its portfolio
of consumer brands, and developing leaders across the globe.
Additionally, Morreau has been a tireless champion of the company’s
environmental, social, and corporate governance (ESG) initiatives
and a visible and vocal advocate for diversity and inclusion
programs and outcomes.
“Jane has been a valuable leader to the company, guiding many
strategic transactions, sharing thought leadership, providing
disciplined financial acumen, and leading our information
technology and global production functions,” said President and
Chief Executive Officer Lawson Whiting. “Most recently her
financial leadership throughout the pandemic and tariff policy
implementation has helped Brown-Forman continue to be a strong
investment for our shareholders. Jane has also served in an
important leadership role in advancing our diversity and inclusion
efforts, making positive impacts on our business and our people
around the world. We thank Jane for her lasting contributions to
Brown-Forman over many years that have positioned us for continued
success going forward.”
Morreau added, “I deeply value the opportunities I’ve had and
the relationships I’ve built over the last thirty years at
Brown-Forman. I have been able to grow and thrive while also making
an impact on the community and people around me. I have contributed
to the growth of our people and our brands around the world and I
am especially proud of the work done by the Finance and IT teams
during my tenure. These teams are delivering top-tier performance
and strategic insight-driven recommendations that will continue to
ensure there is ‘Nothing Better in the Market.’”
Cunningham has served Brown-Forman for more than 25 years in a
variety of roles. Currently, she is responsible for the strategy,
direction, and oversight of financial forecasting and reporting
across the global business, and for cultivating relationships with
the investment community, to include our largest group of
shareholders, the Brown family. She spent many years in our global
production operations, having served as general manager,
Brown-Forman Brands, where she led teams through the acquisition
and integration of The Benriach Distillery Company Limited and the
establishment of the Slane and Old Forester distilleries.
Cunningham held roles as director of finance and chief of
staff/director of business development for Global Production, as
well as roles in corporate strategy, accounting, and commercial
finance functions.
“Leanne brings a diverse set of experiences to the role of chief
financial officer, having spent time in the core of our business -
production - as well as guiding our important long-term strategic
decisions through her leadership in multiple finance roles,” said
Whiting. “In addition, Leanne is a proven leader with relationships
in the investment community and with our long-term shareholders. I
look forward to working with her in this critical role and as part
of Brown-Forman’s executive leadership team.”
Cunningham added, “I look forward to joining the leadership team
and leading the finance organization to contribute to
Brown-Forman’s long-term success as the company continues to grow
globally.”
For over 150 years, Brown-Forman Corporation has enriched the
experience of life by responsibly building fine quality beverage
alcohol brands, including Jack Daniel’s Tennessee Whiskey, Jack
Daniel’s Tennessee RTDs, Jack Daniel’s Tennessee Honey, Jack
Daniel’s Tennessee Apple, Jack Daniel’s Tennessee Fire, Gentleman
Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador,
Woodford Reserve, Old Forester, Coopers’ Craft, Herradura, New Mix,
Sonoma-Cutrer, Chambord, Benriach, GlenDronach, Glenglassaugh,
Slane, and Fords Gin. Brown-Forman’s brands are supported by
approximately 4,800 employees and sold in more than 170 countries
worldwide. For more information about the company, please visit
http://www.brown-forman.com/.
Important Information on Forward-Looking Statements:
This press release contains statements, estimates, and
projections that are “forward-looking statements” as defined under
U.S. federal securities laws. Words such as “aim,” “anticipate,”
“aspire,” “believe,” “can,” “continue,” “could,” “envision,”
“estimate,” “expect,” “expectation,” “intend,” “may,” “might,”
“plan,” “potential,” “project,” “pursue,” “see,” “seek,” “should,”
“will,” “would,” and similar words indicate forward-looking
statements, which speak only as of the date we make them. Except as
required by law, we do not intend to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. By their nature, forward-looking
statements involve risks, uncertainties, and other factors (many
beyond our control) that could cause our actual results to differ
materially from our historical experience or from our current
expectations or projections. These risks and uncertainties include,
but are not limited to:
- Impact of health epidemics and pandemics, including the
COVID-19 pandemic, and the resulting negative economic impact and
related governmental actions
- Risks associated with being a U.S.-based company with global
operations, including commercial, political, and financial risks;
local labor policies and conditions; protectionist trade policies,
or economic or trade sanctions, including additional retaliatory
tariffs on American spirits and the effectiveness of our actions to
mitigate the negative impact on our margins, sales, and
distributors; compliance with local trade practices and other
regulations; terrorism; and health pandemics
- Failure to comply with anti-corruption laws, trade sanctions
and restrictions, or similar laws or regulations
- Fluctuations in foreign currency exchange rates, particularly a
stronger U.S. dollar
- Changes in laws, regulatory measures, or governmental policies
– especially those that affect the production, importation,
marketing, labeling, pricing, distribution, sale, or consumption of
our beverage alcohol products
- Tax rate changes (including excise, sales, VAT, tariffs,
duties, corporate, individual income, dividends, or capital gains)
or changes in related reserves, changes in tax rules or accounting
standards, and the unpredictability and suddenness with which they
can occur
- Unfavorable global or regional economic conditions,
particularly related to the COVID-19 pandemic, and related economic
slowdowns or recessions, low consumer confidence, high
unemployment, weak credit or capital markets, budget deficits,
burdensome government debt, austerity measures, higher interest
rates, higher taxes, political instability, higher inflation,
deflation, lower returns on pension assets, or lower discount rates
for pension obligations
- Dependence upon the continued growth of the Jack Daniel’s
family of brands
- Changes in consumer preferences, consumption, or purchase
patterns – particularly away from larger producers in favor of
small distilleries or local producers, or away from brown spirits,
our premium products, or spirits generally, and our ability to
anticipate or react to them; legalization of marijuana use on a
more widespread basis; shifts in consumer purchase practices from
traditional to e-commerce retailers; bar, restaurant, travel, or
other on-premise declines; shifts in demographic or health and
wellness trends; or unfavorable consumer reaction to new products,
line extensions, package changes, product reformulations, or other
product innovation
- Decline in the social acceptability of beverage alcohol in
significant markets
- Production facility, aging warehouse, or supply chain
disruption
- Imprecision in supply/demand forecasting
- Higher costs, lower quality, or unavailability of energy,
water, raw materials, product ingredients, labor, or finished
goods
- Significant additional labeling or warning requirements or
limitations on availability of our beverage alcohol products
- Competitors’ and retailers’ consolidation or other competitive
activities, such as pricing actions (including price reductions,
promotions, discounting, couponing, or free goods), marketing,
category expansion, product introductions, or entry or expansion in
our geographic markets or distribution networks
- Route-to-consumer changes that affect the timing of our sales,
temporarily disrupt the marketing or sale of our products, or
result in higher fixed costs
- Inventory fluctuations in our products by distributors,
wholesalers, or retailers
- Risks associated with acquisitions, dispositions, business
partnerships, or investments – such as acquisition integration,
termination difficulties or costs, or impairment in recorded
value
- Counterfeiting and inadequate protection of our intellectual
property rights
- Product recalls or other product liability claims, product
tampering, contamination, or quality issues
- Significant legal disputes and proceedings, or government
investigations
- Cyber breach or failure or corruption of key information
technology systems, or failure to comply with personal data
protection laws
- Negative publicity related to our company, products, brands,
marketing, executive leadership, employees, board of directors,
family stockholders, operations, business performance, or
prospects
- Failure to attract or retain key executive or employee
talent
- Our status as a family “controlled company” under New York
Stock Exchange rules, and our dual-class share structure
For further information on these and other risks, please refer
to our public filings, including the “Risk Factors” section of our
annual report on Form 10-K and quarterly reports on Form 10-Q filed
with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210415005585/en/
Elizabeth Conway Director External Communications 502-774-7737
elizabeth_conway@b-f.com
Sue Perram Director Investor Relations 502-774-6862
sue_perram@b-f.com
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