Varga will retire Dec. 31 after 31 years with Brown-Forman Corp.
Whiting, a 21-year veteran of the company who currently is EVP and Chief Operating Officer, will become the tenth executive leader of Brown-Forman, since its founding in 1870 by George Garvin Brown.
Varga began his CEO tenure in 2003 overseeing the company’s beverage business and succeeded Owsley Brown II as the corporation’s CEO in 2005. During his time leading the company, Varga focused Brown-Forman’s business on its premium spirits portfolio, significantly expanded the company’s global presence, initiated meaningful brand innovations, expertly deployed capital, and championed the company’s corporate responsibility and diversity and inclusion agendas.
His leadership resulted in Brown-Forman enjoying some of the highest and most consistent growth rates in the distilled spirits industry over this time horizon.
The company’s total shareholder return (TSR) during Varga’s leadership tenure to date has been 17%, propelled by an almost six-fold increase in the company’s market capitalization, which today approximates $28 billion. Varga will remain on the Brown-Forman Board of Directors.
George Garvin Brown IV, chairman of the board, noted that Varga joined the company’s ranks “at a time when the future of American whiskey was in doubt, even in the U.S.
“He will retire having successfully grown the Jack Daniel’s franchise into one of the most valuable spirits trademarks in the world. His transformation of our portfolio, coupled with his multi-year execution of balanced shareholder-friendly capital Deployment, marks his tenure as arguably the most successful CEO in our industry’s modern era.”
Whiting, 49, began his career with the company in corporate development and investor relations. Since then he has held several leadership positions, taking on assignments in finance, marketing and commercial functions in the United States and in Europe. Before his current role, Whiting served as EVP and Chief Brands and Strategy Officer (2015 to 2017), during which time he was responsible for re-shaping Brown-Forman’s portfolio, including the acquisition of the BenRiach company in Scotland, the launch of Slane Irish Whiskey, and significant investments in Woodford Reserve and Old Forester bourbon brands. Previously he was SVP and Chief Brands Officer (2013 to 2015) and SVP and Managing Director for Western Europe (2011 to 2013). Whiting earned a B.A. from Miami University and a M.B.A. from The University of Chicago’s Graduate School of Business.