Brown-Forman, the 155-year-old spirits company known for iconic brands like Jack Daniel’s whiskey and Fords Gin, is undergoing a significant change in its leadership. Leanne D. Cunningham, the company’s finance chief, has announced her plans to retire on May 1, as detailed in a Securities Exchange Commission filing on August 21. Cunningham has been with Brown-Forman for over three decades, starting as a corporate accountant in 1995 and eventually assuming the role of CFO in July 2021.
This news comes at a time when the spirits market in the U.S. is facing challenges, with a recent Gallup report indicating a decline in alcohol consumption among adults to the lowest level in nearly 90 years. This trend, coupled with concerns about the health effects of alcohol consumption, has created a challenging environment for companies like Brown-Forman.
In response to these challenges, Brown-Forman recently reported a 3% sales decline in the third quarter and implemented a restructuring plan that includes reducing its worldwide headcount by about 12% and closing its Louisville-based Brown-Forman Cooperage. These actions are expected to be completed by the end of fiscal 2026, according to the company’s 10-K filing.
Despite the challenging market conditions, Cunningham remains optimistic about the company’s future, forecasting relatively flat consumption trends for the fiscal year 2026. CEO Lawson Whiting praised Cunningham’s leadership and contributions to the company, highlighting her focus on developing people and championing core values.
As Brown-Forman begins the search for Cunningham’s successor, the company aims to announce the appointment by the end of the year. Cunningham’s compensation for fiscal 2025 totaled $4.34 million, including salary and stock awards. The company has expressed gratitude for Cunningham’s lasting contributions and leadership, emphasizing her role in shaping long-term strategic decisions and fostering strong relationships with stakeholders.
Overall, Cunningham’s retirement marks the end of an era at Brown-Forman, but the company remains committed to navigating the challenges of the evolving spirits market and continuing its legacy of producing high-quality brands that resonate with consumers worldwide.
