July 13 (Reuters) – Brown-Forman said on Monday that CEO and President Lawson Whiting has decided to retire.
The company did not give a timeline for his departure and said Whiting would continue in his role till a successor is appointed.
Brown-Forman and other global spirits makers are grappling with a prolonged slowdown in alcohol consumption that has weighed on demand for spirits, wine and beer.
The board of the Jack Daniel’s maker is set to begin a search for its next CEO that will consider both internal and external candidates, the company said.
The Wall Street Journal was the first to report the news earlier on Monday.
Whiting, who became CEO in January 2019 after serving as chief operating officer, joined Brown-Forman in 1997 in a corporate development role and has held a number of senior leadership positions, including overseeing global strategy for the Jack Daniel’s brand.
The company in June warned of strained consumer spending behavior for the year even as it reported better-than-expected quarterly sales on the back of steady demand for premium spirits.
Brown-Forman has explored strategic alternatives in recent months, rejecting a $15 billion takeover offer from Sazerac in May and ending separate merger talks with Pernod Ricard in April after the companies failed to agree on terms.
(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Tasim Zahid and Pooja Desai)
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