Brown-Forman Corporation (NYSE: BFA, BFB) stockholders met today at the annual meeting of stockholders and elected the slate of directors recommended by the Board of Directors, as submitted in the company’s 2023 Proxy Statement.

The stockholders also approved the compensation of the company’s named executive officers, approved a frequency of every three years for future advisory votes to approve the compensation of the company’s named executive officers, and ratified the selection of the independent registered public accounting firm for fiscal year 2024.

Elizabeth M. Brown (Eliza), a fifth-generation descendant of Brown-Forman founder George Garvin Brown, was elected to the company’s Board of Directors, effective immediately. Ms. Brown serves as President of Dendrifund, an environmental sustainability foundation created by Brown-Forman and the Brown family, and is a member of the Board of Directors for Jack Daniel’s Properties, Inc., owner of the Jack Daniel’s trademarks and a subsidiary of Brown-Forman Corporation.

“I am pleased to welcome Eliza to the Board of Directors and look forward to working with her to deliver long-term growth and sustained value to all of our shareholders,” said Campbell P. Brown, Chair of the Board, in a news release.

The election of Ms. Brown continues the evolution of Brown family representation on Brown-Forman’s Board of Directors, as she joins three fifth-generation family members currently serving on the Board, including Stuart R. Brown, Marshall B. Farrer, and Campbell P. Brown, Chair of the Board. She replaced Augusta Brown Holland, who did not stand for re-election after seven years of service. John D. Cook, who served on the Brown-Forman Board of Directors for 15 years, also did not stand for re-election.  

“The Board and our long-term shareholders are grateful for Augusta’s thoughtful perspectives and strong advocacy for the company’s culture, people, and provenance,” Brown said. “We also appreciate John’s many years of leadership in guiding our evolving and award-winning governance process. John played a key role in assembling a board of directors who are purpose-driven, engaged, and collaborative.”

Lawson E. Whiting, President and Chief Executive Officer added, “We are thankful to Augusta and John for their years of service and their dedicated stewardship of Brown-Forman.”

In a subsequent meeting, the Board of Directors approved a regular quarterly cash dividend of $0.2055 per share on its Class A and Class B Common Stock. The dividend is payable on October 2, 2023, to stockholders of record on September 5, 2023. Brown-Forman, a member of the prestigious S&P 500 Dividend Aristocrats index, has paid regular quarterly cash dividends for 79 consecutive years and has increased the regular cash dividend for 39 consecutive years. The board also named Michael A. Todman as Lead Independent Director and Tracy L. Skeans as Chair of the Corporate Governance & Nominating Committee.

For more information about the company, visit brown-forman.com.