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Brown-Forman Announces Retirement Of Don Berg; Jane Morreau To Become CFO In 2014

Brown-Forman Corporation announced today that Chief Financial Officer Don Berg is retiring from the company at the end of the current fiscal year, April 30, 2014. He will hand off his duties as CFO to his successor on January 31, 2014 and will assist in the orderly transition of the CFO responsibilities through his retirement date.

“Don’s leadership of the company’s financial operations as CFO over the last six years can be measured simply by viewing the company’s results over that period,” said Brown-Forman Chief Executive Officer Paul Varga. “During a period of great global economic instability, Brown-Forman performed at the top of the global spirits industry and generated superb total shareholder returns. Don and his team were a major factor in these results and we thank him.”

Berg served in a variety of leadership roles during his 25 years with the company, including leading the company’s first emerging markets organization (then known as the Advancing Markets Group). He also led the company’s spirits business across the Americas, and oversaw corporate development, corporate strategy, and corporate finance before becoming chief financial officer in 2008.

As part of this transition, Brown-Forman also announced that Jane Morreau has been named to succeed Berg as executive vice president and chief financial officer, effective February 1, 2014.

“"With over 20 years of business and financial experience at Brown-Forman, Jane is well prepared to become our new CFO,” stated Varga. “She has a deep and broad knowledge of our business and very strong analytical skills. Alongside this, she is highly committed to leadership development and I am confident Jane will build on Don’s and the company’s reputation for financial excellence.”

Morreau has been with Brown-Forman for over 22 years, most recently in a leadership developmental assignment as senior vice president and chief production officer. Prior to becoming chief production officer early this year, she was SVP, chief accounting officer and director of finance, accounting and technology, where she directed the financial management of the company’s sales, marketing, production, and technology functions. Morreau was also Berg’s most senior direct report throughout the first five years of his service as CFO. Before joining Brown-Forman, Morreau spent over 11 years at Kentucky Fried Chicken Corporation (now known as YUM! Brands). She is a CPA and earned both a bachelor’s of science degree in commerce, with a major in accounting, and an MBA from the University of Louisville.

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