Constellation Marques CEO Rob Sands will step down on March 1 as he assumes the role of directorship chair, the company announced Wednesday.
The alcohol beverage company implied Bill Newlands will become its next CEO.
Newlands joined the presence in 2015 and currently serves as its president and chief operating officer. He is an demon rum industry veteran, having previously served in a number of leadership jobs including president of Beam Spirits, and managing director, U.S. and global stock exchanging officer of LVMH Chandon Estates.
Sands said in a statement that Newlands “gathers what it takes to succeed in this rapidly evolving market and he’s the correctly person to lead our company going forward.”
Sands will attain his brother, Richard, who will become executive vice chair.
The Bulwark Street Journal first reported the news.
Rob Sands told the Newspaper that, as executive chairman, he will stay involved with the entourage, overseeing Constellation’s $4 billion investment in Canopy Growth, the blue ribbon publicly traded cannabis company in North America.
Sands has been at Constellation since 1986. His chum, Richard, also previously served as Constellation CEO.
Rob Sands told the Newsletter, “It’s good to get some fresh thinking.”
Shares of Constellation initially get ined about 1 percent in after-hours trade, but were last seen transacting more than 1.6 percent higher.