Constellation Brands, the owner of Modelo and Corona, has announced the appointment of Nicholas Fink as its next president and CEO, effective April 13. Fink, a former Suntory executive and current board member, will succeed Bill Newlands, who is stepping down from his role. Newlands, who has been CEO since 2019, will remain with the company as a strategic advisor during the transition.
During his tenure, Newlands helped reshape Constellation Brands’ wine portfolio and grow Modelo into the No. 1-selling beer in the U.S. However, Anheuser-Busch’s Michelob Ultra recently surpassed Modelo in terms of volume sales.
Fink, who previously worked at Fortune Brands Innovation, a home security company, brings experience from his time at Suntory, where he held various leadership positions. Constellation Brands aims to leverage Fink’s expertise to drive long-term growth in a competitive market environment.
Chris Baldwin, chair of Constellation Brands’ board, stated that Fink’s unique perspective and capabilities will benefit the company as it navigates challenges and opportunities in the evolving industry landscape.
Constellation Brands’ beer portfolio, focused on imported and premium offerings, has shown resilience amidst market fluctuations but faces challenges like tariffs and shifting consumer preferences. The company is looking to expand distribution of Pacifico, its fast-growing brand that resonates with younger consumers.
In the third quarter ending Nov. 30, Constellation Brands reported total revenue of $2.2 billion, marking a 10% decrease from the previous year. Despite the decline, the company’s beer business outperformed the industry average.