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00:02Brown Forman CEO Lawson Whiting plans to retire once the Jack Daniels maker appoints a successor,
00:07according to the Wall Street Journal. The board will consider internal and external candidates,
00:12with no set timeline for the search. Whiting has led Brown Forman since 2019 and spent nearly 30
00:17years at the company. Brown Forman also ended merger discussions with Pernod Ricard in April
00:22and rejected an approach from Sazerac. The company reiterated its annual financial guidance.
00:28Whiting led Brown Forman through a pandemic-era surge in alcohol purchases,
00:32followed by declining consumption as health concerns and inflation pressured consumers.
00:37Brown Forman recently reported higher quarterly revenue after announcing a restructuring last
00:42year that included cutting 12% of its workforce and closing its Louisville barrel-making facility.
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