8-KLeadership Changes

BROWN & BROWN, INC. 8-K Report, Executive Changes (Aug 10, 2026)

Filed August 10, 2026For Securities:BRO

Summary

Brown & Brown, Inc. (BRO) has announced the departure of P. Barrett Brown, Executive Vice President and former President of the Retail Segment, effective August 10, 2026. Mr. Brown has resigned from his officer and director positions to pursue other opportunities, effective immediately. He will remain with the company in a transitional capacity until July 31, 2027, providing support and training to ensure a smooth handover of his responsibilities. This transition includes a comprehensive separation package for Mr. Brown. He will continue to receive his base salary of $1,000,000 annually and is eligible for a total bonus of $1,300,000, paid in two installments. Additionally, Mr. Brown will receive $130,000 for transition-related expenses and a severance payment of $2,500,000, payable over two years. These payments are contingent upon satisfactory transition services and the execution of a supplemental release of claims. The agreement also includes a one-year non-compete clause.

Key Highlights

  • 1P. Barrett Brown, EVP and former President of Retail Segment, voluntarily resigned for good reason.
  • 2Mr. Brown will remain employed through July 31, 2027, to assist with transition services.
  • 3Mr. Brown will continue to receive his $1,000,000 annual base salary during the transition period.
  • 4He is eligible for a $1,300,000 bonus, contingent on satisfactory transition services.
  • 5A lump sum payment of $130,000 will be provided for transition-related expenses.
  • 6Mr. Brown will receive $2,500,000 in severance pay, paid in installments over two years.
  • 7A one-year non-compete agreement is in effect post-employment.

Frequently Asked Questions

Mr. Brown will continue to receive his $1,000,000 annual base salary and is eligible for $1,300,000 in bonuses. He will also receive $130,000 for transition expenses and $2,500,000 in severance pay. The total compensation related to this departure, excluding salary and potential bonus, is approximately $2,630,000, payable over time.

Yes, the bonus payments and severance payments are contingent upon Mr. Brown's continued employment through the Transition Period (ending July 31, 2027), satisfactory performance of his transition services, and the execution and non-revocation of a supplemental release of claims.

Mr. Brown has agreed to a one-year covenant not to compete with Brown & Brown, Inc. following the termination of his employment.

In the event of a Change in Control occurring after Mr. Brown's resignation date and before all his payments are made, any unpaid amounts will be paid to him in a lump sum within thirty (30) days of the Change in Control date.