Constellation Brands has named board director and former Suntory executive Nick Fink as the US group's new CEO.
Fink, who joined the board in 2021, will take over from Bill Newlands, who will step down on 13 April, Constellation said in a statement yesterday (12 February).
Constellation board chair Chris Baldwin said: “Nick will bring unique perspective and capabilities that will benefit Constellation and its stakeholders as we position the company for long-term success in a rapidly evolving and hyper-competitive environment.”
Fink has been chief executive of Fortune Brands Innovations since January 2020. Before that, he spent nine years at Suntory Global Spirits, where he held several senior positions, including president for Asia Pacific and South America, and senior vice president and chief strategy officer.
Newlands will stay on as a strategic adviser to support a “smooth transition” of leadership responsibilities, the statement added.
He said: “I look forward to working with Nick in the coming months to help ensure a smooth transition, and I’m excited to see what the team achieves in the years ahead under Nick’s leadership.”
Newlands joined Constellation in 2015 and became president and CEO in 2019.
During his tenure, the company reshaped its portfolio through multiple disposals, against a backdrop of pressure on the beer segment that anchors the group’s business in the US.
It was in April that the company said pressure on Hispanic consumer sentiment in the US was affecting its beer business.
In September, Constellation reduced its earnings outlook and said it expected annual beer sales to decline.
Citing “volatile consumer purchasing behaviour”, the Modelo producer also cut its expectations for earnings per share, and lowered forecasts for both sales and operating profit in its beer division.
“We continue to navigate a challenging macroeconomic environment that has dampened consumer demand and led to more volatile consumer purchasing behaviour since our first quarter of fiscal 2026,” Newlands said at the time.
Alongside this, Constellation has continued to adjust its wine and spirits holdings.
In April, Constellation sold six brands, including Woodbridge, Meiomi and Cook’s, to US peer The Wine Group to reshape its range to pricier products.
The company completed a similar transaction in 2022, selling a clutch of wine brands including Cooper & Thief, 7 Moons and The Dreaming Tree to the same buyer.
In 2021, Constellation offloaded a chunk of its “popular and mainstream” wine and spirits business to US peer E&J Gallo.
In December 2024, it sold Svedka vodka to Sazerac, the owner of Buffalo Trace and Southern Comfort.
Under Newlands, Constellation also reduced its exposure to cannabis, including a step in October 2022 in which it converted its common stock holding in Canopy Growth into new exchangeable shares.
Baldwin said: “During Bill’s time as president and CEO, Constellation Brands consistently ranked among the top growth leaders among large CPG companies, and Modelo Especial became the #1 selling beer in US dollar sales.
“Bill also oversaw the reshaping of Constellation’s Wine & Spirits portfolio, which now consists entirely of a powerful collection of higher-end, higher-margin brands aligned with consumer trends.”
