Constellation Brands, Inc. has announced the election of Christopher J. Baldwin as the new independent board chair, effective March 1, 2024. José Manuel Madero, Constellation Brands board member and interim board chair, expressed excitement about Baldwin's appointment, stating, "Both the company’s board and executive team will benefit greatly from his leadership, general management experience, and deep consumer packaged goods and retail industry knowledge, as Constellation continues to position itself for sustainable, industry-leading profitable growth and shareholder returns within the evolving beverage alcohol category."
Baldwin, who has served as a managing partner of CVC Advisors (U.S.) Inc. since October 2020, brings extensive executive and board leadership experience, with over 20 years of service in multiple facets of business leadership including branding, marketing, and human capital development. Baldwin himself expressed enthusiasm, saying, "I look forward to engaging with my fellow Constellation board members, as well as Bill and his executive team, to further build on the company’s strong foundation and industry-leading momentum, setting the stage for sustainable long-term success."
The company's board of directors has also accepted the voluntary resignation of Susan Somersille Johnson, effective February 17, 2024. José Manuel Madero thanked Johnson for her leadership and dedicated service to the board and the company over the past six-and-a-half years, expressing gratitude for her valuable assets to the team.
These developments come as part of the company’s comprehensive board refreshment and governance enhancement process launched following its transition from a dual to a single class share structure in November 2022.
Constellation Brands (NYSE: STZ) is a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. In terms of market performance, the shares of Constellation Brands have moved 1.6%, reaching a trading price of $247.85. For more information, the company's full 8-K submission is available here.
