Constellation Brands has announced that Rob Sands will retire from his role as the chair of its board of directors and will not stand for re-election following the company’s annual meeting of stockholders on 18 July 2023.
Sands has served as Constellation Brands’ board chair since 2019, and as chief executive officer from 2007 to 2019.
Under Sands’ leadership, Constellation Brands achieved significant growth to become one of the leading beer suppliers in the high-end of the US beer market.
The company's net sales increased by more than 80%, and it became one of the fastest growing consumer packaged goods companies over the past decade.
“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,” said Bill Newlands, president and chief executive officer of Constellation Brands.
“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.”
“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," Sands added.
"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’ board has initiated in a process to identify a new board chair, and will provide an update following the company’s annual meeting of stockholders on 18 July 2023.