Chair of Constellation Brands to step down

Rob Sands, chairman of Constellation Brands, will step down from his role as head of the board.

Sands served as chief executive of Constellation Brands from 2007 to 2019, and has been board chair since 2019.

After the company’s annual meeting of stockholders on 18 July, Sands will continue to act as a board member for the company.

Sands said: “I’ve had the distinct privilege of serving as board chair and chief executive officer at Constellation for more than 16 years, and in that time the company has realised tremendous success.

“Given the continued strong performance of our business and following Constellation’s recent transition from a dual class to a single class common stock structure, I believe the time is right to transition leadership of our board.

“I look forward to working with our new board chair and my fellow Constellation board members as we look to further build on the company’s legacy of success.”

Constellation Brands’ portfolio includes Svedka vodka and Casa Noble Tequila.

The company is looking to appoint a new board chair and will announce an update after the stockholders meeting later this month.

Bill Newlands, president and chief executive officer at Constellation Brands, commented: “On behalf of my fellow Constellation board members, I want to thank Rob for his leadership as board chair and during his more than three decades with the company.

“We look forward to Rob’s continued contributions as a board member, as we chart the next phase of profitable growth for our company in a rapidly evolving and dynamic marketplace.”

In April this year, Constellation Brands revealed its wine and spirits sales declined by 4% during fiscal 2023. The fourth quarter was particularly troublesome for the company, when sales dropped by double digits.

For fiscal 2024, the company expects wine and spirits sales to range between a 0.5% decline and and a 0.5% increase, while operating income is forecast to grow by between 2% and 4%.