After 7 1/2 tumultuous years, Brown-Forman CEO announces his retirement
.jpg "Brown-Forman announced that CEO and president Lawson Whiting is retiring after seven and a half years at the post.")
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- Lawson Whiting will retire after seven and a half years as Brown-Forman CEO.
- Brown-Forman shares fell from a 2021 peak of $80 to $26.25 at the close of July 13, 2026.
- The board is conducting a search and will consider internal and external CEO candidates.
Brown-Forman announced that CEO and president Lawson Whiting will be retiring after seven and a half years as head of the parent of Jack Daniel’s.
During his tenure, the company has seen its stock both soar and plummet. When he took over the post in January 2019, shares were worth $47; by spring of 2021, the price had hit $80 as the pandemic surged home liquor sales. But in the last two years, that value has more than eroded: At the close of the market on July 13, shares were worth $26.25.
The board said in the announcement that it has started its search for a successor, and “will consider internal and external candidates.”
“On behalf of the Board and the Brown family, I want to thank Lawson for his nearly 30 years of dedication to Brown-Forman,” Marshall B. Farrer, Chairman of Brown-Forman, said in a statement. “Lawson has been a steadfast steward of founder George Garvin Brown’s vision – leading this company through an era of macro challenges and change with a clear and consistent vision for building the most premium portfolio in the industry ... Under Lawson’s leadership, Jack Daniel’s extended its presence into new international markets and categories, Woodford Reserve grew into the world’s leading super-premium American whiskey, and our founding brand, Old Forester, tripled in volume and increased net sales six-fold over the last decade. Today, Brown-Forman’s portfolio is one of the most respected in the global spirits industry. The Board is deeply grateful for his leadership and his commitment to the people and brands of Brown-Forman.”
Jack Daniel’s sales forecast
Although Ferrer thanked Whiting for “ample” notice, the change is a departure from the previous handover. When Whiting succeeded CEO Paul Varga after 16 years, Whiting was already in place as executive vice president.
Whiting’s exit also comes just a few months after an unsuccessful potential merger with French spirits company Pernod Ricard and rejected a $15 billion takeover counter-offer from Sazerac.
Brown-Forman reiterated its fiscal guidance, released on June 4 when disappointing fourth quarter and year-end earnings were announced. The company said last month that it expects fiscal year 2027 to “remain challenging, as macroeconomic pressures and geopolitical instability continue to negatively impact consumer behavior and beverage alcohol consumption.”
Organic net sales are expected to be flat, with organic operating income expected to decline in the 3% to 5% range.
Despite an aggressive new marketing campaign, sales of the company’s core Jack Daniel’s brand have continued to slide, washing out gains from Jack Daniel’s Blackberry and premium spirits, including Woodford Reserve.
‘Privilege of a lifetime’
Brown-Forman’s annual shareholders meeting is July 23 in Louisville.
“It has been the privilege of a lifetime to lead Brown-Forman,” Whiting said in a statement. “From my earliest days with the company to my time as CEO, my tenure has been defined by the extraordinary people I have worked alongside. We are entering this transition from a position of strength. Brown-Forman has principled leadership, a foundation of iconic brands, and a global team with immense depth and talent. I have every confidence that the succession process will surface the right leader for Brown-Forman’s next generation of growth, and I look forward to supporting a seamless handoff that ensures our momentum never wavers.”
Wolf Pen Branch, which represents a controlling interest in Brown-Forman said in a statement, “We appreciate Lawson’s leadership and three decades of dedicated service to Brown-Forman. We are confident in the competitive position and financial strength of the business and in the Board’s process underway to identify the next CEO to capitalize on growth opportunities for Brown-Forman.”
Global slump in whiskey sales
Earlier this year, Brown-Forman shuttered three distilleries in Scotland and Ireland as the global slump in whiskey sales continues.
The company heralded the gains made by Woodford Reserve and Old Forester, both of which have become strong standalone brands on the portfolio in the last decade.
But the company also has been whipsawed in recent years by the COVID-era overproduction and President Trump’s trade war, which resulted in a near-total boycott by Canada of American spirits.
