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 LOUISVILLE, Ky., July 22 /PRNewswire/ -- Mr. W. L. Lyons Brown, Jr., announced at Brown-Forman Corporation's (NYSE: BF.A BF.B) annual shareholders' meeting today that, after 18 years, he is stepping down as the company's chief executive officer. Mr. Brown, age 56, will continue as chairman of the board for the next two years, but will not hold an active executive position at the company beyond the end of this fiscal year, April 30, 1994. He also told the meeting that he plans to retire from the board in July 1996, a year after he retires as chairman.
 Brown-Forman's board of directors named Mr. Owsley Brown II, the company's president since 1983, chief executive officer, succeeding his brother. In addition to being president, Mr. Owsley Brown, age 50, has led Brown-Forman Beverage Company, the corporation's wine and spirits division and its largest operating unit, as chairman and chief executive officer since its formation in 1986. He has been a director since 1971 and has headed finance since 1980.
 Mr. Owsley Brown praised his brother's leadership, saying, "Since becoming chief executive officer in 1975, Lee Brown guided the company through some of the finest achievements in its 123-year history. His accomplishments include securing two of the company's most important acquisitions, Southern Comfort in 1979 and Lenox in 1983. In addition, he played a prominent role in the growth and development of Brown-Forman International into a major factor in the world spirits business. During his tenure, the company's annual sales grew to $1.69 billion from $365 million, and earnings per share went to $5.65 from $0.60, a record of remarkable growth and progress in a period of great change. We are all grateful for his fine leadership."
 Mr. W. L. Lyons Brown, Jr. commented, "After serving nearly 18 years as chief executive officer, I believe this orderly transition will provide the company with new energy that so often comes with fresh leadership, allowing it to continue growing on the solid foundation developed in the past. Owsley Brown has been my strong partner in many decisions made over the years and he is superbly qualified to lead Brown-Forman into the future as its chief executive officer."
 During his term as chief executive officer, Mr. W. L. Lyons Brown, Jr. was appointed by Presidents Reagan and Bush as a member of the President's Advisory Committee for Trade Policy and served as chairman of the American Business Conference in Washington, D.C. He has sat on the boards of numerous companies, as well as civic organizations around the country, particularly in the museum and education fields.
 In related action, the board of directors named Mr. William M. Street, vice chairman of the corporation, as chief executive officer of Brown-Forman Beverage Company, succeeding Mr. Owsley Brown. Mr. Street is currently president and chief operating officer of Brown-Forman Beverage Company. Mr. Street has held a wide variety of senior operating posts at the company and has sat as a director of the company since 1971 and a member of its executive committee since 1972. In his new position, Mr. Street will have the added responsibility of overseeing Brown-Forman International, the company's export business.
 W. L. Lyons Brown, Jr.
 Chairman of the Board of Directors
 Brown-Forman Corporation
 Louisville, Kentucky
 W. L. Lyons Brown, Jr., age 56, joined Brown-Forman 33 years ago and has served the company in a number of different capacities. He began his career in 1960 as a sales representative in New York City. In 1962 he became European manager of Brown-Forman International, based in Paris. Mr. Brown was first elected to the company's board of directors in 1964. He returned to Louisville in 1965 as president of the import division. In 1967 he was promoted to senior vice president of Brown- Forman and assistant director of marketing. Mr. Brown was promoted to executive vice president of Brown-Forman and director of marketing worldwide in 1972. In 1975 Mr. Brown was elected president and chief executive officer of the corporation and, in 1983, he was promoted to chairman of the board and chief executive officer.
 Mr. Brown is a member of the President's Advisory Committee for Trade Policy and Negotiations, to which he was appointed by President Reagan (1988-1989) and reappointed by President Bush (1990-1 and 1992- 3.) He is also a member of the Board of Visitors of the University of Virginia, the Trustees' Council of the National Gallery, the Board of Trustees of the Winterthur Museum, the Business Committee of the Metropolitan Museum of Art and is a member of the Board of Directors of Pennzoil Company.
 Mr. Brown also served as chairman of the American Business Conference in Washington, D.C., as chairman and president of the J. B. Speed Art Museum, Louisville, and as president of the University of Virginia Alumni Association.
 The honor of Chevalier de L'Ordre du Merite Agricole was conferred on Mr. Brown by the French government in 1974, and he was appointed an honorary consul of France in 1975.
 Mr. Brown is a graduate of the University of Virginia and the American Graduate School of International Management.
 Owsley Brown II
 President and Chief Executive Officer
 Brown-Forman Corporation
 Louisville, Kentucky
 Owsley Brown, age 50, joined Brown-Forman as assistant treasurer in 1968. He was promoted to assistant vice president in 1970 and in 1971 advanced to vice president and was elected to the board of directors. He was made treasurer in 1975 and senior vice president and chief financial officer in 1980. In 1983 he was promoted to president of Brown-Forman, a responsibility he still holds. In 1985 he was given the additional duty of being chairman and chief executive officer of B-F Spirits Ltd., which marketed and produced three of the company's largest spirits brands. In November 1986 he became chairman and chief executive officer of the Brown-Forman Beverage Company, which was formed by unifying Brown-Forman's four separate domestic wine and spirits companies.
 Mr. Brown has played an active role in the civic life of Louisville. He served two terms as president of Actors Theatre of Louisville and led the development of the complex of new and historic buildings that now comprise the theatre. Mr. Brown was president and chairman of the Louisville Fund for the Arts, the president of The Filson Club Historical Society, a board member of the Louisville Orchestra, the Louisville Collegiate School, and a member of the Governor's Commission for the Kentucky Center for the Performing Arts.
 Mr. Brown is a graduate of Yale College and obtained a Masters in Business Administration from Stanford University. He served as an officer in the U.S. Army.
 Brown-Forman Corporation is a consumer products company and one of the country's major producers, importers, and marketers of wine and spirits including Jack Daniel's Tennessee Whiskey, Jack Daniel's Country Cocktails, Southern Comfort, Early Times Kentucky Whisky, Canadian Mist Canadian Whisky, Usher's Scotch, Bushmills Irish Whisky, Glenmorangie Single Malt Scotch Whisky, Sempe Armagnac, Pepe Lopez Tequila, Korbel California Champagnes, Bolla Italian Wines, Fetzer California Wines, Fontana Candida Italian Wines, and Noilly Prat Vermouth.
 Brown-Forman's subsidiary, Lenox, Incorporated, is the leading American manufacturer of fine china and crystal. Lenox is also well known for its Hartmann luggage and briefcases, Kirk Stieff silver and pewter products, Dansk china and tabletop products, and Gorham silver, china and crystal products.
 -0- 7/22/93
 /CONTACT: Phil Lynch, AVP, Director Corporate Communications, Brown-Forman Corporation, 502-774-7928/

CO: Brown-Forman Corporation ST: Kentucky IN: FOD SU: PER

CM -- CH007 -- 4472 07/22/93 11:05 EDT
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Date:Jul 22, 1993

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