Brown-Forman Announces Board Changes

Brown-Forman Corporation announces several upcoming changes to its Board of Directors as part of its long-term board succession plan. These moves provide for continuity of the work of the Board and its various committees, and also preserve a balance of skills, long-term shareholder perspective, and relevant, deep and diverse business experience both from within Brown-Forman and from a range of other enterprises and industries:

Owsley Brown II, former chairman and CEO, has decided to retire from the Board when his term expires at the upcoming annual meeting this July. This will conclude a 37-year service on the Board, which included 12 years as the Board's chairman.

The Board has asked Donald G. Calder to extend his Board service beyond the normal retirement age of 71 until next year's annual shareholders' meeting. He has served as an independent director since 1995 and is Chairman of the Audit Committee.

The Board has adopted an expanded charter for the Nominating Committee and renamed it the Corporate Governance and Nominating Committee. This committee will continue to be chaired by independent director Richard P. Mayer.

Presiding Chairman of the Board of Directors Garvin Brown IV says, "The Board and shareholders are deeply grateful to Owsley for his extraordinary record of service. He has long been a champion of thoughtful succession planning and his retirement from our Board is another example of how to do it successfully, striking just the right balance of leadership continuity and change. It also marks another important milestone in the transition of leadership from the 4th to the 5th generation of controlling family shareholders." He adds, "We also thank Don Calder for agreeing to extend his board service and Dick Mayer for his acceptance of added board responsibility. They exemplify the service and shareholder-orientation that have long been hallmarks of our Board."