Spirits Company To Restructure Globally and Close its Louisville Cooperage
Brown-Forman Corporation has announced a series of initiatives as the company looks ahead at the ever-evolving global spirits market. The changes include restructuring the executive leadership team, reducing its global workforce by 12%, and closing the Louisville-based Brown-Forman Cooperage by April 2025.
Lawson Whiting, Brown-Forman’s President and CEO, stated in a press release: “In 2025, Brown‑Forman celebrates 155 years of delivering Nothing Better in the Market. We have achieved this impressive milestone in part because of our relentless focus on evolving our strategy, our portfolio, and our organization to grow and thrive. Today’s announcement will ensure we have the structure and teams in place to continue on this path, while also making investments that we believe will facilitate growth for generations to come.”
Brown-Forman has appointed several key executives including Jeremy Shepherd as Chief Marketing Officer, Michael Masick as President of the Americas, Yiannis Pafilis as President of Europe, Africa, and Asia Pacific, and Chris Graven as Chief Strategy Officer. Additionally, the workforce reduction will affect approximately 12% of the company’s 5,400 global employees, including 210 at the Louisville, Kentucky based Brown-Forman Cooperage, which will close in 2025. The company is offering severance, outplacement services, and other support for impacted employees.
The changes are expected to generate $70 to $80 million in annual cost savings, part of which will be reinvested into growth initiatives. The closure of the cooperage and external barrel sourcing is projected to provide over $30 million in proceeds. Although the restructuring will incur $60 to $70 million in severance and related costs, Brown-Forman highlighted its commitment to a long-term growth strategy in its press release.
“I want to express my sincere gratitude to our employees, particularly those impacted by these changes, for their dedication and contributions to Brown‑Forman,” said Whiting. “We are committed to supporting them through this transition and are confident that these strategic initiatives will ensure the company endures for generations to come.“
About Brown-Forman:
Brown‑Forman Corporation has been building exceptional spirits brands for more than 150 years, responsibly upholding our founding promise of “Nothing Better in the Market.” Our portfolio of premium brands includes the Jack Daniel’s Family of Brands, Woodford Reserve, Herradura, el Jimador, Korbel, New Mix, Old Forester, The Glendronach, Glenglassaugh, Benriach, Diplomático Rum, Chambord, Gin Mare, Fords Gin, Slane, and Coopers’ Craft. With a team of approximately 5,400 employees worldwide, we proudly share our passion for premium beverages in more than 170 countries. Learn more at brown-forman.com.
Image Credit: Brown-Forman
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