Dive Brief:
- Long-time Whirlpool finance chief Jim Peters will take on the CFO role for spirit-maker firm Brown-Forman in a move effective Mar. 31, the Jack Daniel’s parent said in a Monday press release and securities filing.
- Peters will succeed Leanne D. Cunningham, who announced her intent to retire as the Louisville, Kentucky-based company’s EVP and CFO in August after four years in the seat. Cunningham will depart the business effective May 1, according to the Securities and Exchange Commission filing.
- Peters’ 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,” Brown-Forman CEO and President Lawson Whiting said in a statement included in the press release. “Beyond his technical depth, Jim is a values-based leader with a strong commitment to developing the next generation of talent.”
Dive Insight:
Peters is joining the beverage company after more than two decades at Whirlpool, which included a decade as its CFO beginning in 2016, according to a company biography page. He was appointed to the role of executive vice president of enterprise transformation for the appliance company on Jan. 1, and held numerous roles for Whirlpool since joining the business in 2004 — including regional CFO stints for its North American and Europe, Middle East and Africa segments.
As CFO for Brown-Forman, Peters will receive an annual base salary of $825,000, as well as a “holiday bonus” of $17,160, according to the SEC filing. He will be eligible for a short-term incentive opportunity of $825,000, as well as a long-term incentive opportunity of $2.4 million.
Peters will also receive a one-time new hire equity grant of restricted stock units valued at $900,000, a fiscal year 2026 stock-settled stock appreciate right award valued at $66,000, and a fiscal 2026 RSU award of $134,000, according to the filing.
The spirits maker will rely on Peters’ financial and technical expertise as it continues to navigate the economic impacts of shifting tariff and trade policies as well as changes in consumer spending and consumption habits. During its most recent earnings report for its third quarter of fiscal 2026, Brown-Forman provided an update on year-to-date financials for the nine months ended Jan. 31 which included a net sales decline of 2% to $3 billion. Operating income for the period, meanwhile, remained flat at $905 million, according to its earnings report released Mar. 4.
The company credited the sales dip largely to the end of its partnership with Korbel Champagne Cellars, according to its earnings release. Brown-Forman also noted the growth it saw in net sales for both its emerging markets and its travel retail channel was “was more than offset by declines in the United States and Developed International markets.”
“Our global footprint shows a clear divergence in consumer behavior,” Whiting said during the Q3 earnings call according to a transcript. “While macro uncertainty continues to pressure discretionary spending in the U.S. and many developed markets, we see significantly stronger, more resilient consumer trends in key emerging international markets and the travel retail channel.”
Brown-Forman declined to comment on the CFO appointment beyond its press release.
