Constellation Brands CEO Rob Sands is Stepping Down

It was just weeks ago that Constellation Brands was making headlines for investing a whopping $4 billion into a Canadian marijuana company called Canopy Growth.

Today the company is making headlines for losing its CEO. Constellation Brands CEO Rob Sands will be stepping down March 1st. He will become executive chairman as the company’s current president and COO, Bill Newlands, takes his place as CEO.

Newlands only recently joined the company back in 2015 and is an alcohol industry veteran. He has previously served in a number of leadership roles that include leading Beam Spirits, and managing director, U.S. and global marketing officer of LVMH Chandon Estates.

Newlands “understands what it takes to succeed in this rapidly evolving market and he’s the right person to lead our company going forward,” said Sands. He said to the Journal, “It’s good to get some fresh thinking.”

Sands will succeed his brother, Richard, who will become executive vice chair. Sands said of the company’s investment into Canopy Growth, “This could potentially be one of the most significant global growth opportunities for the next decade.”

Disclaimer: We have no position in Constellation Brands, Inc. Class A( NYSE: STZ) and have not been compensated for this article.