11:53 AM EDT, 08/22/2024 (MT Newswires) -- (Updates with statement from Brown-Forman in the fourth to sixth paragraphs.)

Brown-Forman (BF.A, BF.B) will no longer tie executive compensation to progress on diversity, equity and inclusion, or DEI, programs, Bloomberg reported Thursday, citing a letter sent by the company to employees on Wednesday.

The Jack Daniel's whiskey maker will also no longer take part in an annual ranking of companies with LGBTQ-friendly work environment, according to the report.

The company will also drop plans for supplier diversity, the report said, citing a copy of the letter shared by anti-DEI activist Robby Starbuck on X and confirmed by Brown-Forman.

A representative for Brown-Forman confirmed to MT Newswires that the company shared with its employees its decision on its diversity and inclusion strategy on Wednesday.

The representative said the company's business has changed and the legal and external landscape "has shifted dramatically" since Brown-Forman launched the strategy in 2019.

"With these new dynamics at play, Brown-Forman must adjust its work to ensure it continues to drive our business results while appropriately recognizing the current environment in which we find ourselves," the representative said.

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