Beverage alcohol giant Constellation Brands named Bill Newlands as its president and chief operations officer on Wednesday. Rob Sands, who previously held the title of president and chief executive officer will remain the CEO.
He joined Constellation Brands in 2015 as executive vice president, chief growth officer. In 2016, his role expanded to include leadership of the company’s Wine & Spirits Division, and in 2017 he became the company’s chief operating officer.
“Constellation Brands’ success story is over 70 years in the making and I believe the best is yet to come,” said Newlands.
One of the few publicly traded beverage companies, Constellation Brands, which owns Robert Mondavi, Franciscan, The Prisoner and Ruffino among many other wine labels, has seen its shares steadily rise 393% over the last five years.
Just after this morning’s announcement, Constellation opened at $212.78, down 0.39% from yesterday’s close.
Richard Sands, Rob Sands’ brother, remains chairman of the Victor, NY-based company that employs some 10,000 people worldwide.