LOUISVILLE, Ky. (WDRB) — The heirs of Louisville-based Brown-Forman called out the spirits company's outgoing CEO over a drop in stock prices.
A seven-page letter sent July 10 to more than 100 relatives slams a 60% drop in the company's stock price over the last three years, wiping out billions of dollars in generational wealth, according to our partners at Louisville Business First.
"This decline has occurred in full public view, with a lack of management accountability, and key analysts continue to downgrade the stock," the letter read, in part.
LBF reported Brown-Forman's Class A stock in August 2022 was trading for $70.50 a share. As of midday Monday, it reported that number is down to $29.46 — a decrease of 60.9%.
The letter calls out outgoing CEO Lawson Whiting's recent performance, noting the decline came as Whiting's pay nearly doubled to more than $25 million despite the company laying off 12% of its workforce in January 2025. That spring, the company also shuttered its Louisville cooperage, which now belongs to Independent Stave Co.
Lawson Whiting, president and CEO, Brown-Forman Corp. (Courtesy: Christopher Fryer via Louisville Business First)
"The numbers are stark and undeniable," the letter read, in part, LBF reported, citing the Wall Street Journal. "Brown-Forman's stock price has fallen from the mid-$70s per share to the mid-$20s per share over the past three years, eliminating billions of dollars of generational wealth for the Brown family and all other shareholders."
It also raised major concerns about how leaders handled a massive $15 billion buyout offer from rival Sazerac, claiming they felt they were not well-informed when it came to pursuing a merger with the company, and when it came to pursuing a merger with Paris-based Pernod Ricard.
Brown-Forman told Bloomberg it takes stakeholder feedback seriously, and engages in constructive dialogue.
July 13, three days after the letter was sent, the company announced Whiting would be stepping down when a successor is named after 30 years with the company.
Copyright 2026 WDRB Media. All Rights Reserved.
