Brown-Forman Corp. (BF_B): Announces retirement of CEO - FY27 guidance reiterated

Research evidence excerpt

Brown-Forman Corp. (BF_B): Announces retirement of CEO - FY27 guidance reiterated

Equity Research

14 July 2026 | 7:09AM EDT

Brown-Forman Corp. (BF__B): Announces retirement of CEO - FY27

guidance reiterated

Our View - Brown-Forman announced yesterday that current President and CEO Bonnie Herzog

+1(212)902-0490 |

Lawson Whiting has decided to retire from his role as soon as his successor is bonnie.herzog@gs.com

Goldman Sachs & Co. LLC

appointed. The Board has initiated a search for Mr. Whiting’s successor and will

Ethan Huntley

consider both internal and external candidates for this position. We do not expect +1(617)772-7940 |

this to cause any meaningful operational disruptions for the company as Mr. Whiting ethan.huntley@gs.comGoldman Sachs & Co. LLC

will continue to serve in an advisory capacity for a period of time even after the Ankit Prasad

appointment of his successor to ensure a smooth transition. Along with this +1(212)934-6394ankit.prasad@gs.com|

announcement, BF also reiterated its FY27 guidance that mgmt had provided with Goldman Sachs India SPL

PaulFQ4 results in early June, which includes ~flat organic net sales growth and organic Shanika | +1(212)902-7136

op income declines of -3% to -5% in FY27. shanika.paul@gs.com Goldman Sachs & Co. LLC

VidgerFor context, Mr. Whiting began his career at Brown-Forman in 1997 and has served Nicholas | +1(212)934-0631

as CEO since January 2019. During Mr. Whiting’s tenure at BF, Jack Daniel’s expanded nicholas.vidger@gs.com Goldman Sachs & Co. LLC

its presence internationally and into new categories, Woodford Reserve grew into a

leading super-premium whiskey, and Old Forester’s volumes tripled and net sales

increased six-fold over the last decade.

Bottom line - While we expect BF to benefit from l.t.