brown-forman corp-class b (BF/B) Key Developments
Brown-Forman Corporation Announces Executive Changes, with Effective from January 31, 2014
Nov 22 13
Brown-Forman Corporation announced that Chief Financial Officer Don Berg is retiring from the company at the end of the current fiscal year, April 30, 2014. He will hand off his duties as CFO to his successor on January 31, 2014 and will assist in the orderly transition of the CFO responsibilities through his retirement date. The company also announced that Jane Morreau has been named to succeed Berg as executive vice president and chief financial officer, effective February 1, 2014. Morreau has been with the company for over 22 years, most recently in a leadership developmental assignment as senior vice president and chief production officer. Morreau's successor as chief production officer will be announced in the near future.
Brown-Forman Corporation and Certain of Subsidiaries Enters into a Five-Year Credit Agreement
Nov 21 13
Brown-Forman Corporation and certain of its subsidiaries entered into a Five-Year Credit Agreement on November 18, 2011, with certain lenders party thereto, Barclays Capital, as Syndication Agent, Bank of America, N.A. and Citibank, N.A., as Co-Documentation Agents, U.S. Bank National Association, as Administrative Agent (the Agent"), and U.S. Bank National Association, Barclays Capital, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. as Joint Lead Arrangers and Joint Bookrunners. The Credit Agreement was originally due to expire no later than November 18, 2016. On November 20, 2013, the Agent notified the Company that the lenders agreed to the Company's request to further extend the Credit Agreement for one additional year pursuant to the terms of the Credit Agreement. The Credit Agreement is now scheduled to terminate on November 20, 2018.
Brown-Forman Declares Cash Dividend Payable on December 27, 2013; Extends Revolving Credit Facility
Nov 21 13
Brown-Forman announced that its board of directors increased its quarterly cash dividend on its Class A and Class B Common Stock by 13.7% to 29 cents per share from the prior quarter's 251/2 cents per share. As a result, the indicated annual cash dividend will rise from $1.02 per share to $1.16 per share. Stockholders of record on December 4, 2013 will receive the cash dividend on December 27, 2013.
Separately, the company announced that it has extended its unsecured $800 million revolving credit facility. The maturity date was extended from November 20, 2017 to November 20, 2018.
Brown-Forman Names Marshall B. Farrer as Vice President in Charge of the Tennessee Honey Brand
Nov 1 13
Brown-Forman is building on the popularity of Jack Daniel's Tennessee Honey by naming a new global brand director just for Honey. Marshall B. Farrer has been named vice president in charge of the Tennessee Honey brand. Jack Daniel's Tennessee Honey was introduced in the United States in 2011 and in Great Britain and more than 25 additional international markets over the past two years.
Brown-Forman Corporation Restructuring of its Asia Pacific Region into Two New Regions, Effective November 1, 2013; Announces Executive Changes
Oct 10 13
Brown-Forman announced the restructuring of its Asia Pacific (APAC) region into two new regions, effective November 1, 2013. The existing Asia Pacific region will be restructured into the Australia, New Zealand, and Southeast Asia region (ANZSEA) and the North Asia region (NA).
Michael McShane will serve as managing director, ANZSEA, based in Sydney, and Trevor Smith as managing director, NA, based in Hong Kong. McShane most recently served as senior vice president, managing director, Asia Pacific, based in Hong Kong. Smith most recently served as vice president, director, finance, Asia Pacific, based in Hong Kong, and as a key member of the APAC leadership team. Marshall Farrer, current managing director of Australia, New Zealand, will return to the company's Louisville, KY, headquarters later this year after four successful years at the helm of the company's second large market as measured by net sales.