UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 15, 2018
CONSTELLATION BRANDS, INC.
(Exact name of registrant as specified in its charter)
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Delaware | 001-08495 | 16-0716709 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
207 High Point Drive, Building 100, Victor, NY 14564
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (585) 678-7100
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Not Applicable |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company | | o |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | o |
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 15, 2018, the Board of Directors of Constellation Brands, Inc. (“Constellation” or the “Company”) appointed William A. Newlands as the Company’s President and Chief Executive Officer effective March 1, 2019. In addition, on March 1, 2019, Robert Sands, who is currently Chief Executive Officer of the Company, will assume the role of executive chair, and Richard Sands, who is currently executive chair, will assume the role of executive vice chair. As a result of these changes, the Company will no longer have a Chief Operating Officer.
Mr. Newlands, age 59, was appointed President in February 2018 and has served as Chief Operating Officer since January 2017. He served as Executive Vice President of the Company from January 2015 until February 2018. From January 2016 to January 2017 he performed the role of President, Wine & Spirits Division and from January 2015 through January 2016 he performed the role of Chief Growth Officer. Mr. Newlands joined the Company in January 2015. Prior to that he served from October 2011 until August 2014 as Senior Vice President and President, North America of Beam Inc., as Senior Vice President and President, North America of Beam Global Spirits & Wine, Inc. from December 2010 to October 2011 and as Senior Vice President and President, USA of Beam Global Spirits & Wine, Inc. from February 2008 to December 2010. Beam Inc., a producer and seller of branded distilled spirits products, merged with a subsidiary of Suntory Holding Limited, a Japanese company, in 2014. Prior to October 2011, Beam Global Spirits & Wine, Inc. was the spirits operating segment of Fortune Brands, Inc., which was a leading consumer products company that made and sold branded consumer products worldwide in the distilled spirits, home and security, and golf markets.
The existing employment agreement between the Company and Mr. Newlands is not being amended in connection with this change. Mr. Newlands’s employment agreement was filed as Exhibit 10.57 to the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2015 and is incorporated herein by reference.
There are no understandings or arrangements between Mr. Newlands and any other person pursuant to which Mr. Newlands was selected to serve as Chief Executive Officer, other than his employment relationship set forth above. Mr. Newlands does not have any relationships requiring disclosure under Item 401(d) of Regulation S-K and there have been no transactions since the beginning of the Company’s last fiscal year, nor any proposed transactions, regarding Mr. Newlands that are required to be disclosed under Item 404(a) of Regulation S-K.
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Item 7.01 | Regulation FD Disclosure. |
On October 17, 2018, Constellation issued a news release, a copy of which release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference, announcing a change in the Company’s senior management personnel effective March 1, 2019.
References to Constellation’s website and/or other social media sites or platforms in the release do not incorporate by reference the information on such websites, social media sites or platforms into this Current Report on Form 8-K, and Constellation disclaims any such incorporation by reference. The information in the news release attached as Exhibit 99.1 is incorporated by reference into this Item 7.01 in satisfaction of the public disclosure requirements of Regulation FD. This information is “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and is not otherwise subject to the liabilities of that section. Such information may be incorporated by reference in another filing under the Securities Exchange Act of 1934 or the Securities Act of 1933 only if and to the extent such subsequent filing specifically references the information incorporated by reference herein.
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Item 9.01 | Financial Statements and Exhibits. |
The following exhibit is furnished as part of this Current Report on Form 8-K:
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Exhibit No. | Description |
99.1 | News Release of Constellation Brands, Inc. dated October 17, 2018. |
INDEX TO EXHIBITS
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Exhibit No. | Description |
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(10) | MATERIAL CONTRACTS |
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(10.1) | |
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(99) | ADDITIONAL EXHIBITS |
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(99.1) | |
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* | Designates management contract or compensatory plan or arrangement. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: | October 17, 2018 | CONSTELLATION BRANDS, INC. |
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| | By: | /s/ David Klein |
| | | David Klein |
| | | Executive Vice President and Chief Financial Officer |
Exhibit 99.1
Constellation Brands Names Bill Newlands Next CEO
Newlands to Succeed Rob Sands Effective March 1, 2019; Sands to Become Executive Chair
VICTOR, N.Y., Oct. 17, 2018 − Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, today announced Bill Newlands will assume the role of president and chief executive officer (CEO), succeeding current CEO Rob Sands, on March 1, 2019. Also effective March 1, 2019, Rob Sands will assume the role of executive chair. Richard Sands, who is currently serving in the role of executive chair, will assume the role of executive vice chair on March 1, 2019.
“Since joining Constellation Brands in 2015, Bill has made a significant impact on our company, finding ways to leverage our unique capabilities as a leading total beverage alcohol provider to meet consumers’ evolving needs and accelerate growth,” said Constellation Brands’ CEO Rob Sands. “Bill understands what it takes to succeed in this rapidly evolving market and he’s the right person to lead our company going forward.”
Newlands joined Constellation Brands in 2015 as executive vice president and chief growth officer. In 2016, he assumed additional responsibilities as president of the company’s Wine & Spirits Division. In 2017, Newlands became the company’s chief operating officer, and he assumed the role of president in early 2018. Prior to joining Constellation Brands, Newlands held several senior leadership roles in the beverage alcohol industry spanning more than 30 years.
“Bill has a deep understanding and appreciation for the values that have made Constellation Brands one of the top performing S&P 500 companies,” said Richard Sands, Constellation Brands’ executive chair. “I look forward to the continued success of our company under Bill’s leadership.”
“I am honored to be selected as Constellation Brands’ next CEO,” said Newlands. “I have a tremendous amount of respect and admiration for the leadership Rob, Richard and Marvin Sands provided over the years. I look forward to working with Rob, Richard, our Board of Directors, and the Constellation Brands team to ensure we continue building on the momentum our company has gained in the marketplace for many years to come.”
Newlands will work with Rob Sands over the coming months to ensure a smooth leadership transition once these changes become effective in March.
About Constellation Brands
Constellation Brands (NYSE: STZ and STZ.B), a Fortune 500® company, is a leading international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, Italy and Canada. Constellation is the No. 3 beer company in the U.S. with high-end, iconic imported brands such as Corona Extra, Corona Light, Modelo Especial, Modelo Negra and Pacifico. The company’s beer portfolio also includes Ballast Point, one of the most awarded craft brewers in the U.S., and Funky Buddha Brewery. In addition, Constellation is the world leader in premium wine, selling great brands that people love, including Robert Mondavi, Clos du Bois, Kim Crawford, Meiomi, Mark West, Black Box, Ruffino and The Prisoner. The company’s premium spirits brands include SVEDKA Vodka, Casa Noble Tequila and High West Whiskey.
Based in Victor, N.Y., the company believes that industry leadership involves a commitment to brand building, our trade partners, the environment, our investors and to consumers around the world who choose our products when celebrating big moments or enjoying quiet ones. Founded in 1945, Constellation has grown to become a significant player in the beverage alcohol industry with more than 100 brands in its portfolio; about 40 wineries, breweries and distilleries; and approximately 10,000 talented employees. We express our company vision: to elevate life with every glass raised.
To learn more, follow us on Twitter @cbrands and visit www.cbrands.com.
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MEDIA CONTACTS | INVESTOR RELATIONS CONTACTS |
Mike McGrew 773-251-4934 | Amy Martin 585-678-7141 | Patty Yahn-Urlaub 585-678-7483 | Bob Czudak 585-678-7170 |
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Rob Sands | | Bill Newlands |
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Chief Executive Officer | | President and Chief Operating Officer |
This regulatory filing also includes additional resources:
stzex99-1_10152018.pdf
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