Constellation Brands Announces Departure of Chief Customer Officer
Constellation Brands has confirmed that Bill Renspie has stepped down from his role as the chief customer officer of the company’s beer division, where he most recently served. A search for his replacement is currently underway, as confirmed by a company spokesperson in a statement to Food Dive.
“In the meantime, we have a strong Beer Sales Leadership Team that remains focused on working with our Gold Network distributor partners to accelerate momentum for our beer portfolio in the year ahead,” the spokesperson added.
Renspie, who started at Constellation in 2002, officially departed on March 19.
The announcement of Renspie’s departure comes at a challenging time for Constellation Brands, with slumping sales and uncertainty surrounding beer imports from Mexico affecting the company’s performance. According to TD Cowen analyst Robert Moskow, Constellation’s total sales declined by 1.3% in the past month.
Moskow noted, “The departure of Renspie could spell trouble for Constellation’s performance. While incidents like these don’t necessarily stem from business performance, we still view it as an important data point in the context of [Constellation’s] decelerating sales trends in our tracking data and the significant uncertainties facing the company’s important Hispanic consumer cohort.”
Additionally, Constellation is reportedly considering selling some of its higher-end wine brands to the Duckhorn Portfolio in order to generate cash, according to the TD Cowen note.
The company is also grappling with challenges posed by a 25% tariff on imports from Mexico imposed by President Donald Trump, which came into effect earlier this month. Imports account for nearly 85% of annual revenues for Constellation Brands, known for brands like Modelo, Corona, and Pacifico.