FOR IMMEDIATE RELEASE
BROWN-FORMAN CFO PLANS TRANSITION TO PART-TIME STATUS;
COMPANY INITIATES SEARCH FOR SUCCESSOR
Louisville, KY, June 2, 2000 -- Brown-Forman Corporation announced
today that Chief Financial Officer Steven B. Ratoff will shift to part-time
status at the company. As a result of this change, Ratoff will in time
relinquish his CFO duties but will continue to play a key role at Brown-Forman.
To ensure an orderly transition, Ratoff will remain on a full-time basis as CFO
until the search for his successor is complete and the new person is in place at
Brown-Forman. The company anticipates naming a new CFO this fall.
Brown-Forman Chairman Owsley Brown II said that Ratoff requested the
change to part-time status so that he could spend more time on his many outside
interests, including various entrepreneurial ventures. "Since joining our
company as Chief Financial Officer in 1994, Steve Ratoff has brought enormous
creativity and skill to the office, and we have benefited greatly from his fresh
perspective, strategic ideas, and advocacy for change," stated Brown. "While we
will miss his contributions as CFO, we are delighted that he will continue to
play an important role at Brown-Forman."
When he begins his part-time work, Ratoff will focus on improving
general and administrative functions and business transaction processes, assist
in refining the company's Information Technology strategies, as well as other
activities.
Prior to joining Brown-Forman, Ratoff was an investor in a number of
small, privately held companies. He was senior vice president and chief
financial officer of the Pharmaceutical Group of Bristol-Myers Squibb from
1990-1992 and previously held various other positions there from 1975.
Brown-Forman Corporation is a diversified producer and marketer of
fine quality consumer products, including Jack Daniel's, Canadian Mist,
Southern Comfort, Fetzer and Bolla Wines, Korbel California Champagnes, Lenox,
Dansk, and Gorham tableware and giftware, and Hartmann Luggage.
