Brown-Forman Shareholders Celebrate Record Results in Fiscal 2014
Directors Elected; Executive Compensation Approved; Dividend Declared
LOUISVILLE, Ky. -- July 24, 2014
Brown-Forman Corporation’s (NYSE:BFA) (NYSE:BFB) shareholders met today at the
regularly scheduled annual meeting of shareholders and celebrated fiscal
2014’s record results, one of the company’s most successful years in its
144-year history. During the meeting, shareholders elected the following
individuals to serve on the company’s Board of Directors for the coming year:
Joan C. Lordi Amble; Patrick Bousquet-Chavanne; Geo. Garvin Brown IV; Martin
S. Brown, Jr.; Bruce L. Byrnes; John D. Cook; Sandra A. Frazier; Michael J.
Roney; Dace Brown Stubbs; Michael A. Todman; Paul C. Varga; and James S.
Garvin Brown, chairman of the Board of Directors, chaired the annual meeting.
He thanked the company’s shareholders for their continued support and
congratulated Paul Varga, his leadership team, and all other Brown-Forman
employees for their contributions to another year of outstanding results in
Brown also welcomed two new members to the Board of Directors: Michael Todman,
who was nominated to serve on the Board in June of 2014; and Michael Roney,
who joined the Board in March of 2014 and attended his first annual
shareholders meeting today.
In a nonbinding advisory vote, shareholders approved the compensation of the
company’s Named Executive Officers named in the proxy statement.
Paul Varga, chairman and CEO, discussed the company’s strong performance in
fiscal 2014 and over the last decade, noting that Brown-Forman’s underlying
operating income growth far exceeded the rate of growth of its industry and
other relevant benchmarks, and that the company’s 22% Return on Invested
Capital was also at the top of the distilled spirits industry. “These
consistently strong results were led by the remarkable Jack Daniel’s
trademark, our portfolio skew to premium North American whiskey, and the
continued globalization of our company.”
Varga continued, “We delivered yet another strong year of returns for our
shareholders in fiscal 2014, which helped drive total shareholder return of
17% per year over the last decade, more than twice the S&P 500.” He paid
tribute to Brown-Forman’s 4,200 employees worldwide in producing these stellar
In a subsequent meeting, the Board of Directors approved a regular quarterly
cash dividend of 29 cents per share on Class A and Class B Common Stock.
Stockholders of record onSeptember 8, 2014, will receive the cash dividend on
October 1, 2014. With this dividend, Brown-Forman will have paid regular
quarterly cash dividends for 69 consecutive years. The company has also
increased the regular cash dividend for 30 consecutive years.
For more than 140 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 Tennessee Honey,
Southern Comfort, Finlandia, Jack Daniel’s & Cola, Canadian Mist, Korbel,
Gentleman Jack, el Jimador, Herradura, Sonoma-Cutrer, Chambord, New Mix,
Tuaca, and Woodford Reserve. Brown-Forman’s brands are supported by nearly
4,200 employees and sold in more than 160 countries worldwide. For more
information about the company, please visit http://www.brown-forman.com/.
Phil Lynch, 502-774-7928
Director Corporate Communications and Public Relations
Jay Koval, 502-774-6903
Director Investor Relations
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