'As we seek to deliver balanced geographic growth with competitive routes to consumers, we must have an agile and simplified organizational structure,' said
Hinrichs has 23 years of experience at Brown-Forman with deep knowledge of what it takes to drive growth in emerging markets. He is highly valued for his global mindset and strategic focus and commitment to culture and engagement. The markets in the Emerging International Division include: Global Travel Retail (GTR);
Farrer brings 22 years of invaluable experience to this role as a proven leader of regions and brands, most recently leading Developed APAC and GTR. He brings a unique perspective to both
For 150 years,
Important Information on Forward-Looking Statements:
This press release contains statements, estimates, and projections that are 'forward-looking statements' as defined under
Impact of health epidemics and pandemics, including the COVID-19 pandemic, and the resulting negative economic impact and related governmental actions
Risks associated with being a
Failure to comply with anti-corruption laws, trade sanctions and restrictions, or similar laws or regulations
Fluctuations in foreign currency exchange rates, particularly a stronger
Changes in laws, regulatory measures, or governmental policies - especially those that affect the production, importation, marketing, labeling, pricing, distribution, sale, or consumption of our beverage alcohol products
Tax rate changes (including excise, sales, VAT, tariffs, duties, corporate, individual income, dividends, or capital gains) or changes in related reserves, changes in tax rules or accounting standards, and the unpredictability and suddenness with which they can occur
Unfavorable global or regional economic conditions, particularly related to the COVID-19 pandemic, and related economic slowdowns or recessions, low consumer confidence, high unemployment, weak credit or capital markets, budget deficits, burdensome government debt, austerity measures, higher interest rates, higher taxes, political instability, higher inflation, deflation, lower returns on pension assets, or lower discount rates for pension obligations
Dependence upon the continued growth of the
Changes in consumer preferences, consumption, or purchase patterns - particularly away from larger producers in favor of small distilleries or local producers, or away from brown spirits, our premium products, or spirits generally, and our ability to anticipate or react to them; legalization of marijuana use on a more widespread basis; shifts in consumer purchase practices from traditional to e-commerce retailers; bar, restaurant, travel, or other on-premise declines; shifts in demographic or health and wellness trends; or unfavorable consumer reaction to new products, line extensions, package changes, product reformulations, or other product innovation
Decline in the social acceptability of beverage alcohol in significant markets
Production facility, aging warehouse, or supply chain disruption
Imprecision in supply/demand forecasting
Higher costs, lower quality, or unavailability of energy, water, raw materials, product ingredients, labor, or finished goods
Significant additional labeling or warning requirements or limitations on availability of our beverage alcohol products
Competitors' and retailers' consolidation or other competitive activities, such as pricing actions (including price reductions, promotions, discounting, couponing, or free goods), marketing, category expansion, product introductions, or entry or expansion in our geographic markets or distribution networks
Route-to-consumer changes that affect the timing of our sales, temporarily disrupt the marketing or sale of our products, or result in higher fixed costs
Inventory fluctuations in our products by distributors, wholesalers, or retailers
Risks associated with acquisitions, dispositions, business partnerships, or investments - such as acquisition integration, termination difficulties or costs, or impairment in recorded value
Counterfeiting and inadequate protection of our intellectual property rights
Product recalls or other product liability claims, product tampering, contamination, or quality issues
Significant legal disputes and proceedings, or government investigations
Cyber breach or failure or corruption of key information technology systems, or failure to comply with personal data protection laws
Negative publicity related to our company, products, brands, marketing, executive leadership, employees, board of directors, family stockholders, operations, business performance, or prospects
Failure to attract or retain key executive or employee talent
Our status as a family 'controlled company' under
For further information on these and other risks, please refer to our public filings, including the 'Risk Factors' section of our annual report on Form 10-K and quarterly reports on Form 10-Q filed with the
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