BF-B 8-K
Brown Forman Corp (BF-B)
8-K
2026-03-16
For: 2026-03-16
View Original
Added on
April 04, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 16, 2026, Brown-Forman Corporation (the “Company”) announced the election of James W. Peters as the Company’s Executive Vice President and Chief Financial Officer, effective March 31, 2026. Mr. Peters will succeed Leanne D. Cunningham, Executive Vice President and Chief Financial Officer, who, as previously announced, will retire from the Company, effective May 1, 2026. In connection with his election, Mr. Peters will serve as the Company’s principal financial officer.
Mr. Peters, age 56, has served as Executive Vice President, Enterprise Transformation of Whirlpool Corporation, a publicly traded home appliance company, since January 2026. Mr. Peters previously served as Executive Vice President, Chief Financial and Administrative Officer of Whirlpool Corporation from August 2016 through December 2025. Mr. Peters joined Whirlpool Corporation in 2004 and, prior to his appointment as Chief Financial Officer, held various roles of increasing responsibility. Prior to joining Whirlpool Corporation, he was a manager of Internal Audit for Limited Brands and a consulting manager at Ernst & Young LLP. Mr. Peters holds a Bachelor’s in Accounting and Business Administration from the University of Kansas and a Master’s in Business Administration in Finance from Indiana University.
In connection with his election as Executive Vice President and Chief Financial Officer of the Company, Mr. Peters’ annual base salary will be $825,000 and his holiday bonus will be $17,160. His short-term incentive compensation opportunity at target will be $825,000, and his long-term incentive plan compensation opportunity at target will be $2,400,000. Mr. Peters will also receive (i) a one-time new hire equity award in the form of restricted stock units (“RSU Award”) with a grant date value of $900,000 (based on the 20-day trailing closing price of a share of the Company’s Class B common stock leading up to the grant date), (ii) a fiscal year 2026 prorated Class B common stock-settled stock appreciation right award (“SSAR Award”) with a grant date value of $66,000, and (iii) a fiscal year 2026 prorated Class B common stock performance-based restricted stock unit award (“PBRSU Award”) with a grant date value of $134,000. The RSU Award is expected to be granted in July 2026 in connection with the Company’s regular annual equity grants, and it will vest in three equal installments on April 30, 2027, April 30, 2028, and April 30, 2029. The prorated SSAR Award and the prorated PBRSU Award will be granted in April 2026. Consistent with the terms of the Brown-Forman 2022 Omnibus Plan, the prorated SSAR Award and the prorated PBRSU Award will be subject to the same vesting schedule as all other similar equity awards granted to the Company’s executive officers during fiscal year 2026.
Details regarding the Company’s executive compensation program are included in the Compensation Discussion and Analysis section of the Company’s definitive proxy statement for the Company’s 2025 annual meeting of stockholders filed with the Securities and Exchange Commission on June 20, 2025.
There are no arrangements or understandings between Mr. Peters and any person pursuant to which he was selected as an officer. There are no family relationships between Mr. Peters and any director or executive officer of the Company, and there are no related party transactions involving Mr. Peters that are reportable under Item 404(a) of Regulation S-K.
Item 7.01. Regulation FD Disclosure.
In connection with Mr. Peters’ election, the Company issued a press release on March 16, 2026, a copy of which is attached as Exhibit 99.1 and incorporated by reference in Item 7.01 of this Current Report on Form 8-K.
The information furnished pursuant to this Item 7.01 (and the related information in Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| Brown-Forman Corporation Press Release dated March 16, 2026. | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BROWN-FORMAN CORPORATION | |||||
| (Registrant) | |||||
| Date: March 16, 2026 | /s/ Michael E. Carr, Jr. | ||||
| Michael E. Carr, Jr. | |||||
| Executive Vice President, General Counsel and Corporate Secretary | |||||
NEWS RELEASEBROWN-FORMAN NAMES JIM PETERS CHIEF FINANCIAL OFFICER
LOUISVILLE, KY – March 16, 2026 – Brown-Forman Corporation (NYSE: BFA, BFB) today announced the election of Jim Peters as its new Executive Vice President and Chief Financial Officer (CFO), effective March 31, 2026. As CFO, Peters will join the senior executive team and report to President and CEO Lawson Whiting.
Peters joins Brown-Forman following a distinguished career at Whirlpool Corporation, where he most recently led enterprise transformation initiatives as Executive Vice President. He succeeds Leanne Cunningham, who will retire effective May 1, 2026.
"Jim is a seasoned financial leader who brings a proven track record of driving operational discipline and resilience through complex global cycles,” said Lawson Whiting, President and CEO, Brown-Forman Corporation. “His expertise in navigating margin pressures and volatile consumer demand across North America, Europe, and Asia will be invaluable as we navigate today’s macroeconomic headwinds. Beyond his technical depth, Jim is a values-based leader with a strong commitment to developing the next generation of talent."
Prior to his most recent role, Peters served as Whirlpool’s Executive Vice President, Chief Financial and Administrative Officer. In that capacity, his accountability extended beyond finance to legal, IT, and corporate strategy. He was also previously responsible for corporate relations and sustainability. Jim originally assumed the CFO role at Whirlpool in 2016.
“I am honored to join Brown-Forman, a company with such a rich heritage and iconic portfolio of brands,” said Peters. “I look forward to working with Lawson and the entire team to build upon the company's strong foundation and to continue delivering sustainable value for our shareholders and stakeholders worldwide.”
Peters’ tenure at Whirlpool included serving as Vice President, Corporate Controller, and Chief Accounting Officer beginning in 2015. Previously, he was CFO of the Whirlpool North American region, where he managed a finance organization of more than 300 people and oversaw strategic planning, budgeting, and forecasting. He also held the role of Vice President and CFO of Whirlpool’s EMEA region starting in 2008. Before joining the company in 2004, Peters held management positions at Limited Brands and Ernst & Young.
Peters earned a Bachelor’s degree in Accounting and Business Administration from the University of Kansas and a Master of Business Administration from the Indiana University Kelley School of Business.
About Brown-Forman
Brown-Forman Corporation is a global leader in the spirits industry, responsibly building exceptional beverage alcohol brands for more than 155 years. Headquartered in Louisville, Kentucky, we are guided by our founding promise, “Nothing Better in the Market.” Our premium portfolio includes the Jack Daniel’s Family of Brands, Woodford Reserve, Old Forester, New Mix, el Jimador, Herradura, The Glendronach, Glenglassaugh, Benriach, Diplomático Rum, Gin Mare, Fords Gin, Chambord, and Slane. With approximately 5,000 employees worldwide, we proudly share our passion for fine-quality spirits in more than 170 countries. Learn more at brown-forman.com and stay connected with us on LinkedIn, Instagram, and X.
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Contacts:
Elizabeth Conway, Director, External Communications
Sue Perram, Vice President, Investor Relations
Important Information on Forward-Looking Statements:
This press release contains statements that are “forward-looking statements” as defined under U.S. federal securities laws. These forward-looking statements reflect management’s expectations or projections regarding future events and speak only as of the date we make them. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. By their nature, forward-looking statements involve risks, uncertainties, and other factors (many beyond our control) that could cause our actual results to differ materially from our historical experience or from our current expectations or projections.
For further information on factors that could cause our actual results to differ materially from our historical experience or from our current expectations or projections, 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 Securities and Exchange Commission.