Brown-Forman, the parent company of Jack Daniels, has announced the retirement of the president and CEO, Lawson Whiting, effective upon the appointment of a successor.

The board of directors is actively seeking a successor from a group of internal and external candidates.

Whiting will stay at the company in an advisory position for a period of time after a successor is chosen to support a smooth transition.

During his time at the business, he oversaw Jack Daniel’s expansion into new international markets and categories and grew the retail footprint of American whisky Woodford Reserve.

Whiting said: “It has been the privilege of a lifetime to lead Brown-Forman. We are entering this transition from a position of strength. Brown-Forman has principled leadership, a foundation of iconic brands, and a global team with immense depth and talent.

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“I have every confidence that the succession process will surface the right leader for Brown-Forman’s next generation of growth, and I look forward to supporting a seamless handoff that ensures our momentum never wavers.”

Marshall B. Farrer, chairman of Brown-Forman said: “As we begin our search pursuant to our succession process, we do so with confidence in our business, our people, and our opportunities to create long-term value for all Brown-Forman stakeholders.

“Lawson will continue to advance our strategic and operational priorities, including expanding our geographic footprint, building brands that resonate with consumers, and enhancing operational efficiency, while the Board conducts the succession process.”

This announcement comes after the brand ended a potential merger with French drinks giant Pernod Ricard after failing to agree on final terms earlier this year.