UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): June 23, 2003
Brown-Forman Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-123 61-0243150
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
850 Dixie Highway, Louisville, Kentucky 40210
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (502) 585-1100
Item 5. Other Events
On June 23, 2003, Brown-Forman Corporation issued a press release announcing
certain executive promotions. A copy of Brown-Forman Corporation's press
release of June 23, 2003 is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
Item 7. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Exhibits.
99.1 Press Release, dated June 23, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Brown-Forman Corporation
(Registrant)
Date: June 24, 2003 By: /s/ Michael B. Crutcher
Michael B. Crutcher
Senior Vice President,
General Counsel and Secretary
Exhibit Index
99.1 Press Release, dated June 23, 2003, issued by Brown-Forman Corporation
Exhibit 99.1
FOR IMMEDIATE RELEASE
BROWN-FORMAN ANNOUNCES NEW EXECUTIVE PROMOTIONS
Appointments Reflect Succession Plan
Louisville, KY, June 23, 2003 - Brown-Forman Chairman and Chief Executive
Officer Owsley Brown II announced today the appointment of several top
executives to new positions and the assignment of new responsibilities to other
leaders within the company. The moves are being made in anticipation of the
October 1 retirement of William M. Street, president of Brown-Forman Corporation
and CEO of Brown-Forman Beverages, the company's largest subsidiary. Although he
is retiring from his executive role, Street will continue to serve on
Brown-Forman's Board of Directors.
Brown, age 60, remains chairman and CEO of Brown-Forman Corporation. In
announcing the new executive promotions, Brown said, "Our Board of Directors
worked with us for well over a year in shaping, reviewing, and approving our
succession strategy and we are very pleased with the outcome."
Brown announced the promotion of Paul C. Varga to president and chief executive
officer of Brown-Forman Beverages. "Paul Varga has brought dedication, creative
thinking, and leadership to every one of the challenges and opportunities he has
faced in his 17 years at Brown-Forman. He was a key architect of our
brand-building strategy announced last summer, and since 1990 has been working
at the heart of building strong consumer franchises for our company."
Varga joined Brown-Forman in 1986 and soon became a merchandising representative
in Chicago. Over the next few years he held a series of increasingly important
sales positions and in 1990 joined the Jack Daniel's marketing team. In 1994 he
became director of the Office of CEO, and in 1996 was named senior vice
president and brand equity director for the company's Global Brand Equity group.
In 1998 he became director of marketing for Brown-Forman's spirits business in
North America, and in 2000 was promoted to his most recent position as global
chief marketing officer for the company's spirits brands.
Brown also announced that James L. Bareuther, currently president of
Brown-Forman Spirits Americas, will be promoted to executive vice president and
chief operating officer of Brown-Forman Beverages. "Jim Bareuther brings a
wealth of industry experience and relationships developed over a 30-year career
in the wine and spirits industry," Brown said. "He knows as well as anyone what
it takes to succeed in today's competitive retail environment and will play a
critical role in the day-to-day operations of the entire beverage business."
Since joining Brown-Forman almost nine years ago, Bareuther has progressed from
serving as director of spirits sales to executive vice president of the
company's spirits business in North America to president of Brown-Forman Spirits
Americas. Prior to joining Brown-Forman, Bareuther was executive vice president
of sales and marketing for the Seagram Classics Wine Company.
"Phoebe Wood, our chief financial officer, recently joined the Board of Lenox
and I am happy to announce today that she will take on the additional role of
vice chairman of Lenox and assist Chairman Barry Bramley in the oversight of
this important subsidiary," stated Brown. Wood will continue her critically
important role as Brown-Forman's chief financial officer, its lead contact with
the investment community, and overseeing the company's Hartmann subsidiary.
As part of the succession strategy, Brown-Forman has also re-instituted the
position of vice chairman of the corporation, a role that previously has been
held by such individuals as Owsley Frazier, Martin Brown, and Bill Street.
Owsley Brown announced today that Michael B. Crutcher and James S. Welch, Jr.
have been named to the position of vice chairman of Brown-Forman Corporation.
In addition to retaining his current role as general counsel, Crutcher will take
on greater responsibility for such matters as industry relations, civic
activities, and the expanding regulatory demands created by the Sarbanes-Oxley
Act and the New York Stock Exchange. "Michael Crutcher is well known for his
keen insights and sound judgment and he will play a key role in the company's
leadership," stated Brown.
Along with his current duties as head of human resources, Welch will take on
responsibility for strategic planning and the company's internal business
consulting unit, and will coordinate the company's activity with its family
shareholders. Brown said, "Jim Welch brings a well-honed strategic perspective
to his new duties as vice chairman, and he will continue to play a vital role in
developing the people and organizations that build strong brands."
Brown also announced that Don Berg has been promoted to president of
Brown-Forman Spirits Americas, filling the key leadership position that Jim
Bareuther has held. "Don Berg is a seasoned and versatile executive and he
brings to his new job the leadership skills and knowledge he has gained from his
broad experiences at Brown-Forman," Brown said. Berg has served as director of
the company's internal business consulting unit, president of the Advancing
Markets Group, the head of Corporate Development and Strategy, and most recently
as senior vice president in charge of Brown-Forman Spirits Americas marketing
and open states sales in the U.S.
The company also announced that Michael V. Cheek, who has been executive vice
president, Brown-Forman Beverages, and president, Brown-Forman Spirits, will
take on a new role for the company. Cheek has expressed a desire to slow down
from his demanding travel schedule and relocate to his home in Naples, Florida,
where he can work part-time for Brown-Forman while overseeing his other business
interests. He will continue as chairman of Finlandia Vodka Worldwide and as the
Brown-Forman director on the board of Glenmorangie PLC. He will also assist the
company with selected global accounts and key strategic relationships, where he
can utilize his vast knowledge of the trade and distribution network. "Mike
Cheek's great leadership of our world-wide spirits business has been a key
factor in our company's recent growth," said Mr. Brown. "We congratulate him on
his wonderful years of full-time service and are delighted that he will remain
closely associated with Brown-Forman."
All the new appointments and new responsibilities take effect August 1, 2003.
Brown-Forman Corporation is a diversified producer and marketer of fine quality
consumer products, including Jack Daniel's, Southern Comfort, Finlandia Vodka,
Canadian Mist, Fetzer and Bolla Wines, Korbel California Champagnes, Lenox,
Dansk, and Gorham tableware and giftware and Hartmann Luggage.