Brown-Forman Shakes Up Executive Team Amid Global Revamp

Brown-Forman announced several changes throughout its global business this morning, among them the appointment of Michael Masick as president, Americas. Masick was already head of commercial operations across Mexico, South and Central America, and the Caribbean, and will now add the U.S. and Canada to his purview.

Additionally, the company named Jeremy Shepherd as global chief marketing officer. He previously led the company’s USA & Canada commercial division. Meanwhile, Chris Graven has been appointed chief strategy officer. Graven has held roles in Brown-Forman’s HR, finance, marketing, and commercial organizations in her 20 years with the company.

Brown-Forman also announced that it’s reducing its global workforce by approximately 12% of its 5,400 employees worldwide. It’s also closing its Louisville-based barrel-making operation, Brown-Forman Cooperage, by April 25. Collectively, the company says the moves are projected to deliver approximately $70 to $80 million in annualized cost savings, with a portion expected to be reinvested to accelerate growth.

Brown-Forman reported flat organic sales of $2 billion for its fiscal first half ended in October, with operating income down 3% organically to $622 million. In the U.S., net sales were down 3% organically, with flagship brand Jack Daniel’s seeing declines. According to Impact Databank, Jack Daniel’s slipped 6% to 6.1 million cases in the U.S. last year, including its flavored offerings.—Daniel Marsteller

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