VICTOR, N.Y., Feb. 20, 2024 (GLOBE NEWSWIRE) -- Constellation Brands, Inc.
(NYSE: STZ), a leading beverage alcohol company, today announced the election of
Christopher J. Baldwin of CVC Advisors (U.S.) Inc., a leading global private
markets manager, to serve as a member of Constellation's board of directors, as
well as his appointment as non-executive chair of the company's board, each
effective March 1, 2024.
"We are excited to welcome Chris to Constellation's board of directors," said
José Manuel Madero, Constellation Brands board member and interim board chair.
"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."
Mr. Baldwin has served as a managing partner of CVC Advisors (U.S.) Inc. since
October 2020. Prior to that, he held various board and executive management
roles at BJ's Wholesale Club Holdings Inc. (NYSE: BJ) between September 2015 and
June 2023, including serving as the company's executive chairman of the board
and chief executive officer during that time span. Mr. Baldwin continues to
serve as a member of BJ's board of directors until his term expires at its 2024
annual meeting of shareholders. While at BJ's, Mr. Baldwin also served as
chairman of the National Retail Federation board of directors from 2018-2020. In
addition, Mr. Baldwin held numerous senior executive roles at Hess Retail
Corporation, Kraft Foods Group, Inc., The Hershey Company, and The Procter &
Gamble Company.
Mr. Baldwin brings to Constellation's board extensive executive and board
leadership experience, and deep knowledge of the consumer packaged goods and
food and beverage industries from his more than 20 years of service in multiple
facets of business leadership including branding, marketing, and human capital
development.
"Under the direction of Bill Newlands and his executive team, Constellation
Brands has strengthened its position as a growth leader among consumer packaged
goods and beverage alcohol companies," said Baldwin. "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."
In addition, Constellation's board of directors has accepted the voluntary
resignation of Susan Somersille Johnson as a member of the board, effective
February 17, 2024. Ms. Johnson joined Constellation's board in July 2017 and
served as a member of its Human Resources Committee. Ms. Johnson's resignation
was not due to any disagreement with the company on any matter relating to its
operations, practices, or procedures.
"On behalf of my fellow Constellation Brands board members, I want to thank
Susan for her leadership and dedicated service to our board and the company over
the past six-and-a-half years," said Madero.
"Susan's deep understanding of and passion for brand strategy, marketing, and
technology served as valuable assets to our team. We wish her the very best in
her future endeavors."
These moves serve as a continuation 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.
ABOUT CONSTELLATION BRANDS
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. Our mission is to build brands that people love because we
believe elevating human connections is Worth Reaching For. It's worth our
dedication, hard work, and calculated risks to anticipate market trends and
deliver more for our consumers, shareholders, employees, and industry. This
dedication is what has driven us to become one of the fastest-growing, large CPG
companies in the U.S. at retail, and it drives our pursuit to deliver what's
next.
Every day, people reach for our high-end, iconic imported beer brands such as
those in the Corona brand family like the flagship Corona Extra, Modelo Especial
and the flavorful lineup of Modelo Cheladas, Pacifico, and Victoria; our fine
wine and craft spirits brands including The Prisoner Wine Company, Robert
Mondavi Winery, Casa Noble Tequila, and High West Whiskey; and our premium wine
brands such as Kim Crawford and Meiomi.
As an agriculture-based company, we have a long history of operating sustainably
and responsibly. Our ESG strategy is embedded into our business and our work
focuses on serving as good stewards of the environment, enhancing social equity
within our industry and communities, and promoting responsible beverage alcohol
consumption. These commitments ground our aspirations beyond driving the bottom
line as we work to create a future that is truly Worth Reaching For.
To learn more, visit www.cbrands.com (http://www.cbrands.com) and follow us on X
(https://twitter.com/cbrands), Instagram
(https://www.instagram.com/constellationbrands/), and LinkedIn
(https://www.linkedin.com/company/constellation-brands).
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. All statements other than
statements of historical fact are forward-looking statements. The word "expect"
and similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such identifying words.
These statements may relate to business strategy, future operations, prospects,
plans, and objectives of management and Constellation's Board of Directors, as
well as information concerning expected actions of third parties. All forward-
looking statements involve risks and uncertainties that could cause actual
results to differ materially from those set forth in, or implied by, such
forward-looking statements. No assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or occur.
The forward-looking statements are based on management's current expectations
and should not be construed in any manner as a guarantee that such results will
in fact occur. All forward-looking statements speak only as of the date of this
news release and Constellation does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise.
In addition to risks and uncertainties associated with ordinary business
operations, the forward-looking statements contained in this news release are
subject to other risks and uncertainties, including the accuracy of all
projections and other factors and uncertainties disclosed from time-to-time in
Constellation Brands' filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the fiscal year ended February
28, 2023 and its Quarterly Report on Form 10-Q for the fiscal quarter ended
November 30, 2023, which could cause actual future performance to differ from
current expectations.
-------------------------------------------------------------------------------

 MEDIA CONTACTS                          INVESTOR RELATIONS CONTACTS
 Amy Martin 585-678-7141 /               Joseph Suarez 773-551-4397 /
 amy.martin@cbrands.com                  joseph.suarez@cbrands.com
 (mailto:amy.martin@cbrands.com)         (mailto:joseph.suarez@cbrands.com)
 Carissa Guzski 315-525-7362 /           Snehal Shah 847-385-4940 /
 carissa.guzski@cbrands.com              snehal.shah@cbrands.com
 (mailto:carissa.guzski@cbrands.com)     (mailto:snehal.shah@cbrands.com)
                                         David Paccapaniccia 585-282-7227 /
                                         david.paccapaniccia@cbrands.com
                                         (mailto:david.paccapaniccia@cbrands.co
                                         m)

A downloadable PDF copy of this news release can be found
here: http://ml.globenewswire.com/Resource/Download/412dfdaa-d13c-
4ea1-8ec0-03772bd1f5ce
Â