Feb 12 (Reuters) – Constellation Brands said on Thursday it appointed Nicholas Fink as its top boss, replacing Bill Newlands, as the beermaker battles demand pressures.
Fink, who was previously the CEO at the security and digital products firm Fortune Brands Innovations, will take over as the top boss of the Modelo beer maker on April 13. He had served on Constellation’s board for the past five years.
Newlands, who joined the company in 2015 and has been at the helm since 2019, will step down from the board in April, but will continue to serve as a strategic adviser over the next several months to help ensure a smooth transition of leadership, Constellation said.
Constellation has been battling weak alcohol sales as Hispanic consumers pull back on purchases amid the Trump administration’s crackdown on immigration and a broader economic uncertainty driven by volatile trade policies and rising living costs.
“Given Fink’s experience on the board, we do not expect this transition to lead to a major change in strategic direction,” TD Cowen analyst Robert Moskow said in a note, but added that Fink had been linked to significant organization and portfolio change at Fortune Brands.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Krishna Chandra Eluri and Alan Barona)
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