Brown-Forman Corp. in Louisville announced Tuesday that Ina Brown Bond, a Brown family member and former company director, plans to sell up to 1 million shares of the company's non-voting Class B common stock by the end of the year.
Bond notified the company that she and entities that she controls plan to sell the shares for tax planning purposes and general investment diversification.
Bond remains "as supportive as ever of the company and management," according to a Brown-Forman news release.
The shares represent less than 1 percent of the company's total outstanding stock; Brown family member will continue to own a substantial majority of the voting stock in Brown-Forman, known for such brands as Jack Daniel's, Southern Comfort, Finlandia, Canadian Mist, Fetzer, Korbel, Woodford Reserve and others.
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