Brown Forman Inc · NYSE:BF.A
Brown Forman — Investor Day (December 2012)
124 slides from Brown Forman's investor day presentation, Dec 12, 2012
Slide 1: Brown-Forman Corporation 2012 Investor Day
DECEMBER 12, 2012 BROWN-FORMAN CORPORATION 2012 INVESTOR DAY JAY KOVAL VP of Investor Relations
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements, estimates, and projections that are "forward-looking statements" as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “envision,” “estimate,” “expect,” “expectation,” “intend,” “may,”
Slide 3: Investor Day Agenda
Investor Day Agenda 1:30 Presentations Paul Varga – Chairman, Chief Executive Officer Lawson Whiting – SVP, Chief Brands Officer John Hayes – SVP, Managing Director, Jack Daniel’s Mark McCallum – EVP, President of Europe, Africa, Asia-Pacific and Travel/Retail Andrzej Janota – Area Director, Poland,
Slide 4: Paul Varga
2012 INVESTOR DAY PAUL VARGA CHAIRMAN, CHIEF EXECUTIVE OFFICER
Slide 5: Brown-Forman
BROWN-FORMAN • A leading portfolio of premium distilled spirits brands with targeted category focus • Ownership of Jack Daniel’s trademark and distillery • Growing geographic diversification and RTC to support it • Financial Health – current and historic performance, ROIC, TSR, capital stewardship a
Slide 6: Brown-Forman
BROW N-FORIVIAN
Slide 7: Investing for Growth
Investing for Growth Investing in… Our Markets Our Brands GERMANY RUSSIA U.K. POLAND SPAIN TURKEY U.S. FRANCE CHINA MEXICO INDIA BRAZIL AUSTRALIA
Slide 8: Investing for Growth
Investing for Growth Investing in… Our Assets Our People
Slide 9: Delivering Strong TSR During Both Good and Bad Times
Delivering Strong TSR During Both Good and Bad Times ’02 – ‘07 ‘07 – ‘12 ‘02 – ‘12 B-F 13% 14% 13% S&P 500 9% 1% 5%
Slide 10: Lawson Whiting
2012 INVESTOR DAY LAWSON WHITING SVP, CHIEF BRANDS OFFICER
Slide 11: Building Brands Forever
BUILDING BRANDS FOREVER ar i] © A j q OMFORT 7”. ' FINLANDIA i' Ig spe Ae i LF sihdrf” iy" | rah I \ ‘ mas as Nirat Mage N { : 3 fa We Cs
Slide 12: A Premium Brand Portfolio
A Premium Brand Portfolio Fiscal 2012 Cases JD Family 8% 6% 5% el Jimador 12% 4% New Mix RTD 2% 8% Finlandia Family 5% Southern Comfort Family Canadian Mist Korbel Woodford Reserve, Herradura, 48% Tuaca and Chambord Rest of Portfolio
Slide 13: Southern Comfort Plan on Track to Return Brand to Growth
Southern Comfort Plan on Track to Return Brand to Growth New Communication Partnerships & Activation Improved Media Presence Broadened Line-Up
Slide 14: Whatever's Comfortable
Whatever’s Comfortable
Slide 15: Southern Comfort Plan on Track to Return Brand to Growth
Southern Comfort Plan on Track to Return Brand to Growth New Communication Partnerships & Activation Improved Media Presence Broadened Line-Up
Slide 16: Strong Family of Vodka Brands
Strong Family of Vodka Brands 4 Millions of 9L cases 3 2 1 2002 2012 0 2002 2012 Brands Finlandia Vodka Depletions New Occasions Line Extensions Source: 2002 IWSR volumes, 2012 company depletions
Slide 17: Tequilas
Tequilas Focus on key US markets and Mexico; Selectively grow Rest of World GROW DRIVE CAPTURE EXPAND Category Rapid Growth Our Share of el Jimador & Gain Share & Expansion Premium Trademark Category Build the Casa Herradura Portfolio Globally
Slide 18: A Leader in North American Whiskeys
A Leader in North American Whiskeys
Slide 19: Woodford Reserve
yeenet SORA, lOODFORD RESERVE DOUBLE OAKED KD RESERVE WoopDFORD RESERVE ce7m™m anreae Spe Lae c
Slide 20: Jack Daniel's: Fastest Growing Spirits Brand Family
Jack Daniel’s: Fastest Growing Spirits Brand Family 2011 Retail 5 yr CAGR Brand Family Owner Value ($B) (volumes) 1. Smirnoff Diageo $7.2 (3.0%) 2. Johnnie Walker Diageo $6.3 3.3% 3. Bacardi Bacardi $4.4 (2.9%) 4. Jack Daniel’s B-F $4.3 7.7% 5. Hennessey LVMH $3.2 2.6% 6. Absolut Pernod $2.9 2.5% 7.
Slide 21: John Hayes
2012 INVESTOR DAY JOHN HAYES SVP, MANAGING DIRECTOR, JACK DANIEL’S
Slide 22: Intro
Intro
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Slide 24: Jack & Coke
JACK & Coke.
Slide 25: From 200,000 Cases in a Few States to Million Cases in 160+ Countries
From 200,000 cases in a few states in the USA to 12 million cases in 160+ countries Jack Daniel’s Family of Brands Depletions 14 12 10 Millions of 9L Cases 8 6 JD Family 4 2 JDTW 0 Note: JD Family of Brand Depletions in drink equivalent cases
Slide 26: Modern, Traditional, Stylish
Modern Traditional Stylish Heritage Mixability/Variety Quality Flavored Line Extensions Acquired Taste Ready to Drink Broad Price Spectrum Regional Global
Slide 27: Modern, Traditional, Stylish
Modern Traditional Stylish Heritage Mixability/Variety Quality Flavored Line Extensions Acquired Taste Ready to Drink Broad Price Spectrum Regional Global
Slide 28: Modern, Traditional, Stylish
Modern Traditional Stylish Heritage Mixability/Variety Quality Flavored Line Extensions Acquired Taste Ready to Drink Broad Price Spectrum Regional Global
Slide 29: TV Ads
TV Ads
Slide 30: Successfully Communicating in a Digital World
Successfully Communicating in a Digital World
Slide 31: Facebook Brand Page Engagement Metrics of Top Alcohol Brands
Facebook Brand Page Engagement Metrics of the Top 15* Alcohol Brands Worldwide, Ranked by Number of Page Fans, Jan & July 2012 {i| Brand posts (2) Engagement per post (3) Total engagement Jan 2012 July 2012 Cf) 3 | 1. Heineken | 3,520 102,072| 8 8,459 2. Jack Daniel's Whiskey 28 «42,658 74,426| 18 3
Slide 32: Jack Daniel's Family Depletions – Brand Mix
Jack Daniel’s Family Depletions – Brand Mix JDTW Rest of FAM 14 JD Family 0% 12 1990 10 100% Millions of 9L Cases JDTW 8 5% 6 2000 4 95% 2 13% 0 2012 87% RTD’s adjusted to drink equivalent volume
Slide 33: Jack Daniel's Family Depletions – Geographic Mix
Jack Daniel’s Family Depletions – Geographic Mix USA International 8 20% 1990 6 80% Millions of 9L Cases USA 4 2000 39% 61% 2 International - 2012 54% 46% RTD’s adjusted to drink equivalent volume
Slide 34: Jack Daniel's Old No. 7 Selected Developed Markets
Jack Daniel’s Old No. 7 Selected Developed Markets 3,000 2,500 France Japan 2,000 9L Cases (000) Australia 1,500 Germany 1,000 UK 500 0
Slide 35: Jack Daniel's Old No. 7 Selected Emerging Markets
Jack Daniel’s Old No. 7 Selected Emerging Markets 800 700 Brazil 600 China 9L Cases (000) 500 Russia 400 Turkey 300 Mexico 200 Poland 100 0
Slide 36: Jack Daniel's, Going Forward
Jack Daniel’s, Going Forward Four Strategic Imperatives support our long-term goals for the Jack Daniel’s Trademark: Jack Daniel’s Trademark Sources of Growth Existing JD Products New JD Products Accelerate Accelerate growth Launch new Launch new Black Label of other current Whiskey Based Whiskey Pr
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Slide 38: Depletions
Depletions 400 300 9L Cases (000) 200 100 0
Slide 39: Depletions
Depletions 150 120 9L Cases (000) 90 60 30 0
Slide 40: Depletions
9L Cases (Millions) 0 1 2 3 4 5 6 7 Depletions
Slide 41: A Little Bit of Honey. A Whole Lot of Jack.
A LITTLE BIT OF HONEY. A WHOLE LOT OF JACK. With hints of honey and a finish that's naturally smooth, Jack Daniel's Tennessee Honey has a taste that's one-of-a-kind and unmistakably Jack. Watch the Origin of the King Bee at JackHoney.com. FLY STRAIGHT. DRINK RESPONSIBLY.
Slide 42: Sinatra
Sinatra
Slide 43: Sinatra Select
a ‘SINATRA > >» on LE EEO BOLD SMOOTH CLASSIC TENNESSEE WHISKEY ~ SINATRA ( ~
Slide 44: The Unique Value of Jack Daniel's
The Unique Value of Jack Daniel’s $40 $35 Chivas JW Black Global 750ml Equivalent Price $30 Jack Daniel’s $25 Black Label $20 $15 Smirnoff Bacardi $10 0 3 6 9 12 15 Global Volume in 9L Cases (Millions) Source: IWSR
Slide 45: Jack Daniel's Gaining Share in a Growing Category
Jack Daniel’s Gaining Share in a Growing Category Standard Plus Whiskey Depletions Share 2001 7% 120 Millions of 9L Cases 93% 110 Whiskey* JD Whiskeys 100 Share 2011 9% 90 2001 2003 2005 2007 2009 2011 91% Source: IWSR
Slide 46: Barrel Tree
Barrel Tree
Slide 47: Mark McCallum
2012 INVESTOR DAY MARK McCALLUM EVP, PRESIDENT FOR EUROPE, AFRICA, ASIA-PACIFIC AND TRAVEL RETAIL
Slide 48: International Growth
International Growth Net Sales 1992* 2002 2012 14% 16% 27% 7% 42% 86% 77% 31% Europe Rest of World US * 1992 Rest of World includes Europe
Slide 49: International Expansion
International Expansion 1992 2002 2012 # of Countries with +50,000 cases 6 22 40 #of Countries with +100,000 cases 4 14 24
Slide 50: International Route-to-Consumer
International Route-to-Consumer Fiscal 2002 (% of Stripped Net Sales) Fiscal 2012 (% of Stripped Net Sales) Excluding U.S. Excluding U.S. Agency 88% Owned 52% Agency 34% Cost Joint Sharing Venture 13% Owned 6% 6% Joint Venture 1%
Slide 51: World of Opportunity Remains
World of Opportunity Remains 9L Case % of B-F in In millions TDS Source: IWSR 2011
Slide 52: Andrzej Janota
2012 INVESTOR DAY ANDRZEJ JANOTA AREA DIRECTOR, POLAND, RUSSIA, UKRAINE & CIS
Slide 53: Premiumization, Portfolio and Route-to-Consumer
• Strong premiumization trends • The right portfolio for the market • Utilizing Route-to-Consumer changes to drive growth
Slide 54: Premiumization in Spirits
Premiumization in Spirits 10 Year CAGR Category 10 Year 16% Share CAGR +14% 14% 3.6 M Cases* 15% Other +15% (Brandy, Gin, Rum…) 12% 5% Tequila +19% 10% 10% Whisky +24% 8% 6% 70% Premium+ Vodka +13% 4% 2% 0% 262M Cases 258M Cases -2% -1% -1% Spirits Sub-premium Premium+ Spirits Spirits Source: IWSR 2
Slide 55: Brown-Forman Portfolio Fit
Brown-Forman Portfolio Fit Whisky Premium+ Tequila Vodka +24% +19% 10 Year CAGR +13% • #1 Imported Vodka¹ • Strong B-F Portfolio • JD #1 American Whiskey¹ • Outperforming of Tequilas • JD fastest growing premium whisky² category¹ growth • Early Times growing fast in standard whiskey category ¹ AC Ni
Slide 56: Depletions
Depletions 484 10 Year CAGR = +34% 382 308 269 232 212 95 69 50 21 26 34 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 LTM Current MAT
Slide 57: Jill Jones
2012 INVESTOR DAY JILL JONES EVP, PRESIDENT OF NORTH AND LATIN AMERICA
Slide 58: Market Trends, Portfolio Power, Distribution
• Spirits and RTD market trends • Portfolio power • Leveraging distribution to drive Jack Daniel’s growth
Slide 59: Spirits and RTDs Market Trends
Spirits and RTDs Market Trends 22 Million Cases 12 Month % 6.1 Other 1.4 Vodka 0% 2.2 Whiskey +20% 11 Million Cases 12 Month % 2.3 Rum -2% 2.4 Brandy -3% 5.3 Other .1 Finlandia Frost +226% .5 JD RTDs +48% 7.8 Tequila +5% 5.0 New Mix (EJ) +12% Spirits +3% RTDs +12% Source: Nielsen/ISCAM AS2012 (Spiri
Slide 60: Portfolio Power
Portfolio Power Tequila RTD Whiskey Super-Premium Premium Mainstream
Slide 61: Leveraging Distribution Platform
Leveraging Distribution Platform 5,599 RTD Volume Spirit Volume 4,549 Net Sales 3,368 2,674 2,391 2,378 1,680 1,211 JD Trademark Evolution Base 100 – FY 01 1,086 610 100 FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 Q2 3rd Party Importers Brown-Forman Mexico Have leve
Slide 62: Mike Keyes
2012 INVESTOR DAY MIKE KEYES SVP, PRESIDENT OF NORTH AMERICA
Slide 63: U.S. Market, Innovation, Top-Tier Results
• The U.S. spirits market is improving in ways particularly beneficial to B-F portfolio • Strategic focus on innovation is a winning formula • Delivering top-tier results
Slide 64: Premium+ Brands are Growing Fastest
Premium+ Brands are Growing Fastest… 12 Month Rolling Retail Value …and We Have 8% Percent Change the Most Premium Portfolio % Premium & Above Premium + 6% 4% Total Distilled Spirits 2% Value/Popular 0% 0 25 50 75 100 Source: U.S. Nielsen excluding Washington (12/10/11 – 11/10/12)
Slide 65: Brands Are Taking Price
Brands Are Taking Price… 12 Month Rolling Retail Value Price/ …Excellent Execution Mix Percent Change Enabling Us to Take More 4% Increased Media Total B-F Portfolio 3% Balanced Creative 2% Innovation /Craft Total Distilled Spirits 1% Digital 0% Partnerships Source: U.S. Nielsen excluding Washington
Slide 66: Bourbon Category is Outperforming
Bourbon Category is Outperforming… 12 Month Rolling Retail Value …and We Have Percent Change a Significant Portfolio 10% 8% Total Bourbon/ Tennessee Whiskey 6% 4% Total Distilled Spirits 2% 0% Source: U.S. Nielsen excluding Washington (12/10/11 – 11/10/12)
Slide 67: JDTH
JDTH
Slide 68: Most Successful New Product Launch in Our History
Most Successful New Product Launch in Our History • #1 brand in its competitive set • larger than Red Stag and American Honey combined1 • Among top 100 spirits sold1 • 15.7% of JDTW retail value1 • 1.7 billion media impressions • Closing in on 1M Facebook fans, half new to the Jack franchise 1Nielse
Slide 69: Innovating in Both Creative and Investment
Innovating in Both Creative and Investment • Reallocated resources to fund media campaign – Reduced: coupons, gift and value added packaging – Reallocated traditional field spend to major media campaign • 36 weeks of TV – Largest TV buy ever, 2nd largest TV brand in the category1 ADWEEK’s #1 Summer
Slide 70: Delivering Top-Tier Results
Delivering Top-Tier Results 12 Month Rolling Retail Value Percent Change 8% Total B-F Portfolio 6% 4% Total Distilled Spirits 2% 0% Source: U.S. Nielsen excluding Washington (12/10/11 – 11/10/12)
Slide 71: 2012 Investor Day
DECEMBER 12, 2012 2012 INVESTOR DAY
Slide 72: Don Berg
2012 INVESTOR DAY DON BERG EVP, CHIEF FINANCIAL OFFICER
Slide 73: FY12 Marked Return of High Single Digit Growth
FY12 Marked Return of High Single Digit Growth 10% 8% 6% 4% 2% 0% 35-yr CAGR 25-yr CAGR 15-yr CAGR 10-yr CAGR 5-yr CAGR Ending April 30, 2012 since 1977 since 1987 since 1997 since 2002 since 2007 Net Sales 7% 5% 7% 8% 5% Gross Profit 8% 6% 7% 8% 4% Operating Income 8% 7% 8% 9% 6% As reported (exclu
Slide 74: Gross Margins Opportunities Through Pricing
Gross Margins Opportunities Through Pricing FY 2013 First Half Gross Margins Up 260 BPS 60% 50% 40% FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
Slide 75: Well Positioned to Benefit from North American Whiskey Resurgence
Well Positioned to Benefit from North American Whiskey Resurgence Strong Category Momentum B-F Global Cases Sold, FY12 US Whiskey Global Volumes 35,000 30,000 25,000 North American 20,000 1987 1990 1993 1996 1999 2002 2005 2008 2011 Whiskey Other 59% 41% Total US Value – TTM % Change 10 TTL NA Whisk
Slide 76: Premiumization Provides Opportunity for Global Growth
Premiumization Provides Opportunity for Global Growth – Especially in Emerging Markets B-F’s Premium Portfolio Developed Markets $120 (Retail Sales Value $B) $80 +7% 90% $40 +4% $0 2001 2003 2005 2007 2009 2011 10% Emerging Markets $200 (Retail Sales Value $B) $150 +16% $100 Premium and Above $50 +9
Slide 77: Investments in International Expansion Are Powering Sales
Investments in International Expansion Are Powering Sales 100% 77% 75% 58% 50% 42% 23% 25% 0% US Non US US Non US 8% CAGR in Global Net Sales; 19% CAGR in Non-US Net Sales
Slide 78: A Long Runway for Growth
A Long Runway for Growth – BF has <1% Share of Global TDS Brown-Forman 100% Top 25 75% All Other 50% 25% 0% 2001 2011 Source: IWSR 2.0B 9L Cases 2.9B 9L Cases
Slide 79: Capital Redeployment and TSR 2002-2012
Capital Redeployment and TSR 2002-2012 $5 Billions $4.6B Increased Net Debt $4 Share Repurchases $3 Special Div/Lenox $3.1B Free Cash Flow Cash from Dividends $2 Business Acquisitions, $1 Net of Divestitures $0.9B Capital Investment Capital Investment $0.7B $0 Available Capital Reinvested in Busines
Slide 80: Investing in Growth
Investing in Growth $250-300M of Capital Investment from Fiscal 2013-15 Returning to Historic Rates of 2-3% of Sales Increasing Jack Daniel’s Capacity Adding 12 New Warehouses Increasing Barrel Making Capacity by 50%
Slide 81: Consistently Growing Our Dividend for 29 Years
Consistently Growing Our Dividend for 29 Years Annual Dividend per Share $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 Nov. 15, 2012: Increased dividend 9% to an annualized $1.02
Slide 82: Disciplined in Our Approach to Acquisitions
…while Being Disciplined in Our Approach to Acquisitions… Pursue… Innovation Innovation Acquisitions rather than AND Acquisition Acquisition North American Vodka Scotch Whiskey Irish Tequila Local Given Our Organic Growth Ambitions, Acquisitions are an Opportunity Rather Than a Necessity
Slide 83: Returning Excess Cash to Our Shareholders
…AND Returning Excess Cash to Our Shareholders Shares Outstanding (in millions) 380 360 340 320 300 280 260 240 220 200 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 Nov. 20, 2012: Announced a Special Dividend of $4.00/Share
Slide 84: Low Risk, High Returns
Low Risk, High Returns 10 Year Average 10 Year Net Debt/EBITDA Total Shareholder Return 5x 15% 4x 10% 3x 2x 5% 1x 0x 0% Brown-Forman S&P 500 Brown-Forman S&P 500 Source: Bloomberg, as of April 30, 2012
Slide 85: Delivering Best in Class, Risk-Adjusted Returns
Delivering Best in Class, Risk-Adjusted Returns for Our Shareholders S&P 500 10 year 500 450 400 350 300 250 200 150 292 100 139 50 6 0 Return > S&P 500 Return >S&P 500 & ß < 1 Return > BF/b & ß < BF/b Source: Bloomberg, as of April 30, 2012
Slide 86: Strengths
Strengths • A leading portfolio of premium distilled spirits brands with targeted category focus • Ownership of Jack Daniel’s trademark and distillery • Growing geographic diversification and RTC to support it • Financial Health – current and historic performance, ROIC, TSR, capital stewardship, ris
Slide 87: Garvin Brown IV
2012 INVESTOR DAY GARVIN BROWN IV EVP, CHAIRMAN, BOARD OF DIRECTORS
Slide 88: Organizing the Brown-Forman System
ORGANIZING THE BROWN-FORMAN SYSTEM COMPANY BOARD FAMILY
Slide 89: Organizing the Brown-Forman System
ORGANIZING THE BROWN-FORMAN SYSTEM COMPANY BOARD FAMILY
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Slide 94: Organizing the Brown-Forman System
ORGANIZING THE BROWN-FORMAN SYSTEM COMPANY BOARD FAMILY
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Slide 96: Best Practice and Ranges of Experience
Best Practice and Ranges of Experience
Slide 97: Organizing the Brown-Forman System
ORGANIZING THE BROWN-FORMAN SYSTEM COMPANY BOARD FAMILY
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Slide 99: Building a Governance System for 5th Generation
Building a Governance System for 5th Generation 1st Gen 2nd Gen 3rd Gen 4th Gen 5th Gen
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Slide 101: BF-B, NASDAQ, S&P 500: '97 – '12
BF-B, NASDAQ , S&P 500: ‘97 – ‘12 Performance 1997-2012 600 BF-B S&P 500 Nasdaq 500 400 300 200 100 0
Slide 102: BF Approaches the Right Time Line
BF 150 Approaches the Right Time Line
Slide 103: There is Certainly Interest in Jack Daniel's
There is Certainly Interest in Jack Daniel’s
Slide 104: …and There is Equal Passion for Our Broad Portfolio
…and There is Equal Passion for Our Broad Portfolio
Slide 105: Family Governance
2012 INVESTOR DAY FAMILY GOVERNANCE
Slide 106: Creating the Family Committee
Creating the Family Committee
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Slide 108: Agendas Cover Four Key Areas
Agendas Cover Four Key Areas © BROWN FAMILY CURRICULUM MAP OBJECTIVE: Develop the Brown Family’s fluency of essential topics through lifelong engagement with a comprehensive shareholder education curriculum. " BROWN-FORMAN & GOVERNANCE 1 BEVERAGE ALCOHOL 1 INDUSTRY Frocesaoe and guided OWNERSHIP Dev
Slide 109: Brown Family Constitution
BROWN FAMILY CONSTITUTION PREAMBLE family, adopt this constitution to perpetuate our family’s commitment to We, members of the Brown fong-term growth and independence through the family’s control. Brown-Forman Corporation's We are also committed to inter-family relationships that reflect trust, resp
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Slide 115: == ——_—- SS —$= —— —$=— =
== 7 ——_—- SS —$= —— —$=— =
Slide 116: Building a Governance System for 5th Generation
Building a Governance System for 5th Generation 1st Gen 2nd Gen 3rd Gen 4th Gen 5th Gen
Slide 117: Building a Governance System for 5th Generation
Building a Governance System for 5th Generation Former Officer/ Chairman Employee 1st & CEO (Changed Career) Gen Board Lenox Chairman Board Member 2nd Gen Board Member 3rd Gen Officer and/or Employee 4th Gen 5th Gen
Slide 118: Building a Governance System for 5th Generation
Building a Governance System for 5th Generation Former Officer/ Chairman Employee 1st & CEO (Changed Career) Gen Board Lenox Chairman Board Member 2nd Gen Board Family Member Committee 3rd Gen Officer Member of and/or B-F Major Employee Gifts Committee 4th Gen 5th Gen
Slide 119: Building a Governance System for 5th Generation
Building a Governance System for 5th Generation Former Officer/ Interned at Chairman Employee Company 1st & CEO (Changed Career) Gen Board Lenox Former Family Chairman Board Council Leader, Member or Member 2nd Gen Board Family Member Committee 3rd Gen Officer Member of and/or B-F Major Employee Gif
Slide 120: The Wall Street Journal
THE WALL STREET JOURNAL. VOL. XXX NO, 91 By David Kesmodel, Of THE WALL STREET JOURNAL In an effort to ensure that it remains independent and under family control, liquor maker Brown-Forman Corp. (BFA, BFB) is pushing to get family shareholders more involved in the company. Governance experts call t
Slide 121: Enjoyed in Countries. Made in a Town with One Stoplight.
ENJOYED IN 135 COUNTRIES. MADE IN A TOWN WITH ONE STOPLIGHT.
Slide 122: 2012 Investor Day
DECEMBER 12, 2012 2012 INVESTOR DAY
Slide 123: Opportunities
Opportunities • Global growth of premium whiskey and distilled spirits, particularly in Emerging Markets with growing populations and incomes • Greater portfolio diversification from a combination of organic growth of existing brands, innovation and acquisition • Higher pricing to support brand imag
Slide 124: 2012 Investor Day
DECEMBER 12, 2012 2012 INVESTOR DAY