Constellation Brands’ Rob Sands will step down as CEO on March 1, The Wall Street Journal reported Wednesday.
The outgoing CEO told the Journal he will stay involved in the company as its executive chairman, succeeding his brother, Richard. He also told the Journal that he will oversee the company’s $4 billion investment in Canopy Growth, the first publicly traded cannabis company in North America.
Rob Sands will be succeeded by Bill Newlands, Constellation’s president and chief operating officer, the Journal reported.
The Journal reported that Richard Sands will become executive vice chairman. Richard Sands also previously served as CEO of the beer, wine and spirits company.
Shares of Constellation slipped about 1 percent in after-hours trade.
This story is developing. Please check back for updates.
