CEO Bill Newlands has informed Constellation Brands of his intention to retire later this year, making way for board member – and former Suntory Global Spirits regional president – Nicholas Fink.
Fink (above) will become the multi-category group’s head on 13 April, with Newlands expected to “continue to serve as a strategic advisor over the next several months to help ensure a smooth transition of leadership responsibilities”. The announcement late yesterday (12 February) signals the end of Newlands’ 11 years with Constellation, the last seven of which have been as CEO.
FInk has sat on the company’s board of directors since 2021. His career includes nine years with Beam Suntory – the precursor company to Suntory Global Spirits – from 2006 to 2015. The nine-year stint commenced at assistant general counsel level and ended with Fink holding the post of Asia Pacific & South America president between mid-2013 to May 2015.
After leaving Beam Suntory, he spent the next ten years at Fortune Brands Home & Security, rising to his current role as CEO. Beam Suntory was part of the Fortune Brands business until it became a standalone company in 2011. The Jim Beam and Maker’s Mark owner was acquired by Suntory Holdings in 2014 for around US$16bn.
“I’m excited to join the Constellation Brands team … and to continue building on the company’s strong track record of industry leadership,” said Fink. ” I look forward to getting out into the market, engaging with team members and industry partners across the business, and working with the Constellation team to further build on the company’s core strengths … .”
Board chair Chris Baldwin added: “We want to thank Bill for his leadership as part of the Constellation Brands team for more than a decade, including the past seven years as … CEO. During Bill’s time as … CEO, Constellation Brands consistently ranked among the top growth leaders among large CPG companies, and Modelo Especial became the number one selling beer in US dollar sales.
“Bill also oversaw the reshaping of Constellation’s wine & spirits portfolio, which now consists entirely of a powerful collection of higher-end, higher-margin brands aligned with consumer trends.”
Until recently, Constellation has performed well, thanks predominantly to its US licences for the former Modelo-owned Mexican beer brands, Corona, Modelo and Pacifico. In the first three quarters of its current fiscal year, however, sales have declined due in part to the weak consumer sentiment among the Hispanic population in the US.
