Two family heirs sent a missive accusing their ain committee of “rewarding failure.” Meanwhile, a rival is circling pinch a dispute offer.
By Jonathan Small | edited by Dan Bova | Aug 24, 2026
For much than 150 years, the Brown family has controlled Brown-Forman, the institution down Jack Daniel’s. But that power is nether existent unit correct now, and immoderate of the family’s ain members are responsible.
The company’s banal has dropped 60% complete 5 years arsenic Americans drink little whiskey. Merger talks pinch France’s Pernod Ricard collapsed this spring, and crosstown rival Sazerac followed pinch an unsolicited $15 cardinal dispute takeover bid successful May, according to the Wall Street Journal. The committee rejected it.
Then came the letter. A fewer days earlier the family’s yearly July picnic, heirs W.L. Lyons Brown III and his relative Stuart sent a scathing seven-page missive to much than 130 relatives, accusing the committee of keeping shareholders successful the acheronian and “rewarding failure.” One statement compared Jack Daniel’s expanding spirit lineup to Baskin-Robbins. “Brown-Forman’s banal value has fallen from the mid-$70s per stock to the mid-$20s per stock complete the past 3 years, eliminating billions of dollars of generational wealth,” the missive read. Three days aft it went out, CEO Lawson Whiting told the committee he’d measurement down.
The brothers are outsiders successful their family. They ne'er joined Wolf Pen Branch, which controls 60% of Brown-Forman’s voting shares and coordinates really the family votes arsenic a bloc. They based on the committee should person taken Sazerac’s connection much earnestly alternatively of pursuing the grounded Pernod Ricard deal. Wolf Pen disagreed, publically rejecting the Sazerac bid and saying it doesn’t align pinch the family’s imagination for the company’s future.
For much than 150 years, the Brown family has controlled Brown-Forman, the institution down Jack Daniel’s. But that power is nether existent unit correct now, and immoderate of the family’s ain members are responsible.
The company’s banal has dropped 60% complete 5 years arsenic Americans drink little whiskey. Merger talks pinch France’s Pernod Ricard collapsed this spring, and crosstown rival Sazerac followed pinch an unsolicited $15 cardinal dispute takeover bid successful May, according to the Wall Street Journal. The committee rejected it.
Then came the letter. A fewer days earlier the family’s yearly July picnic, heirs W.L. Lyons Brown III and his relative Stuart sent a scathing seven-page missive to much than 130 relatives, accusing the committee of keeping shareholders successful the acheronian and “rewarding failure.” One statement compared Jack Daniel’s expanding spirit lineup to Baskin-Robbins. “Brown-Forman’s banal value has fallen from the mid-$70s per stock to the mid-$20s per stock complete the past 3 years, eliminating billions of dollars of generational wealth,” the missive read. Three days aft it went out, CEO Lawson Whiting told the committee he’d measurement down.
The brothers are outsiders successful their family. They ne'er joined Wolf Pen Branch, which controls 60% of Brown-Forman’s voting shares and coordinates really the family votes arsenic a bloc. They based on the committee should person taken Sazerac’s connection much earnestly alternatively of pursuing the grounded Pernod Ricard deal. Wolf Pen disagreed, publically rejecting the Sazerac bid and saying it doesn’t align pinch the family’s imagination for the company’s future.
Jonathan Small is simply a bestselling author, journalist, producer, and podcast host. For 25 years, he... Read more
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