WASHINGTON (dpa-AFX) - Brown-Forman (BFA,BFB) announced a series of strategic initiatives, which include restructuring the executive leadership team, implementing a workforce reduction affecting approximately 12% of the global workforce, and closing the Louisville-based Brown-Forman Cooperage. Moving forward, the company will source barrels from an external supplier.
Brown-Forman projects these actions to deliver approximately $70 to $80 million in annualized cost savings. The company will receive more than $30 million in proceeds in connection with the sale of the cooperage assets. The company expects to incur approximately $60 to $70 million in aggregate charges for severance and related costs associated with the workforce reduction and cooperage closing.
Brown-Forman has appointed Jeremy Shepherd as Chief Marketing Officer. Michael Masick has been named President, Americas. Yiannis Pafilis has been named President, Europe, Africa, Asia Pacific. Chris Graven has joined as Chief Strategy Officer.
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