Constellation Brands has elected Luca Zaramella, the chief financial officer of Mondelēz International, and William (Bill) T Giles, the former chief financial officer of AutoZone, to its board of directors, effective 18 July 2023.
At the group's annual meeting of stockholders, the 11 incumbent directors that stood for re-election have each been re-elected to the board for a one-year term, the company said in a statement.
The election of Zaramella and Giles brings the size of Constellation Brands’ board to 13 members.
The Modelo Especial beer maker said the changes come as part of a comprehensive board 'refreshment' and governance enhancement process the company launched following its transition from a dual to a single class share structure last year.
Elsewhere. Constellation Brands has entered into information sharing and cooperation agreements with Elliott Investment Management, one of its largest investors.
“We are excited to welcome Luca and Bill, who bring strong financial expertise that we believe will greatly benefit Constellation’s board and management team, as we focus on long-range planning, capital allocation, and financing strategies,” said Constellation Brands president and chief executive officer Bill Newlands.
“We appreciate the perspective provided by our counterparts at Elliott, who have provided valuable input as we continue to take steps to enhance value to the company’s shareholders and other stakeholders.”
Earlier this month, Constellation Brands announced the retirement of Rob Sands from his role as the chair of its board of directors and that he will not stand for re-election following the company’s annual meeting of stockholders.