Rob Sands will step down as CEO of Constellation Brands on March 1, 2019, the New York-based alcohol beverage company announced today. Assuming the role from Sands will be Bill Newlands, who joined Constellation as chief growth officer in 2015 and took over as president from Sands in February.
Constellation Brands reported its second-quarter fiscal 2019 earnings today, which were highlighted by 10.1 percent growth in beer depletions (sales-to-retailers) and an 8.7 percent increase in shipments (sales-to-wholesalers) for the comparable three-month period ending August 31. Net sales of Constellation Brands’ beer portfolio increased 10.5 percent during the quarter, to more than $1.5 billion.
On the same day that it announced a $4 billion investment into Canada’s Canopy Growth Corporation, Constellation Brands also laid off dozens of employees tasked with selling the company’s craft and specialty beers throughout the U.S. Constellation — whose craft portfolio includes Ballast Point in California, Funky Buddha in Florida and Four Corners Brewery in Texas as well as Mexican import brands Corona, Modelo and Pacifico — terminated around 60 of its 100 or so craft and specialty reps, a source familiar with the situation told Brewbound.
Constellation Brands reported its first-quarter fiscal 2019 earnings today, which were highlighted by 8.9 percent growth in beer depletions (sales-to-retailers) and an 8.6 percent increase in shipments compared to the three-month period in 2017. Although beer was a major focus of today’s call, Sands spent a great deal of time discussing and answering questions about Constellation Brands’ $191 million investment into Canadian cannabis company, Canopy Growth Corporation.