Approve Executive Compensation; Cash Dividend Declared
LOUISVILLE, Ky.--(BUSINESS WIRE)--Jul. 27, 2017--
Brown-Forman Corporation’s (NYSE:BFA) (NYSE:BFB) shareholders met today
at the regularly scheduled annual meeting of stockholders and elected
the slate of directors recommended by the Board of Directors as
submitted in the company’s 2017 Proxy Statement. They also approved the
company’s executive compensation plan on a nonbinding advisory basis,
and approved the Board’s recommendation to have future advisory votes on
executive compensation every three years.
Geo. Garvin Brown IV, chairman of the Board of Directors, thanked the
company’s shareholders for re-affirming their commitment to the
company’s long-term strategy. Mr. Brown also congratulated Brown-Forman
Chief Executive Officer Paul Varga for his continued stewardship of the
company’s values, and leadership of its success, noting that the
company’s ten year track record is a direct reflection of Mr. Varga’s
ten years as corporate CEO.
In remarks at the annual meeting, Paul Varga told stockholders that the
company experienced another year of solid results in fiscal 2017, with
underlying operating income up 7% over the previous year, led by Jack
Daniel’s and the company’s premium American whiskey portfolio. He also
underscored the consistency of Brown-Forman’s performance over the last
decade, the current American whiskey category momentum, the large
remaining global expansion opportunity, and the importance of investment
and innovation in seizing it.
“We continue to believe in the global growth potential for our premium
portfolio of brands, most notably for Jack Daniel’s and our American
Whiskeys. Accordingly, we intend to innovate and invest against that
opportunity with the aim of producing excellent long-term returns for
shareholders,” Varga said.
In a subsequent meeting, the Board of Directors approved a regular
quarterly cash dividend of 18.25 cents per share on the Class A and
Class B common stock. Stockholders of record on September 7, 2017, will
receive the cash dividend on October 2, 2017. With this dividend,
Brown-Forman will have paid regular quarterly cash dividends for 72
consecutive years and will have increased the regular cash dividend for
33 consecutive years.
For nearly 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 & Cola,
Jack Daniel’s Tennessee Honey, Jack Daniel’s Tennessee Fire, Gentleman
Jack, Jack Daniel’s Single Barrel, Finlandia, Korbel, el Jimador,
Woodford Reserve, Old Forester, Canadian Mist, Herradura, New Mix,
Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach and Slane.
Brown-Forman’s brands are supported by over 4,700 employees and sold in
more than 165 countries worldwide. For more information about the
company, please visit http://www.brown-forman.com/.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170727006377/en/
Source: Brown-Forman Corporation
Phil Lynch, 502-774-7928
Director Corporate Communications and Public Relations
Director Investor Relations