Constellation Brands, Inc. (NYSE:STZ), a leading beverage alcohol company, today announced the election of Christopher J. Baldwin of CVC Advisors (U.S.) Inc., a leading global private markets manager, to serve as a member of Constellation’s board of directors, as well as his appointment as non-executive chair of the company’s board, each effective March 1, 2024.
“We are excited to welcome Chris to Constellation’s board of directors,” said José Manuel Madero, Constellation Brands board member and interim board chair. “Both the company’s board and executive team will benefit greatly from his leadership, general management experience, and deep consumer packaged goods and retail industry knowledge, as Constellation continues to position itself for sustainable, industry-leading profitable growth and shareholder returns within the evolving beverage alcohol category.”
Mr. Baldwin has served as a managing partner of CVC Advisors (U.S.) Inc. since October 2020. Prior to that, he held various board and executive management roles at BJ’s Wholesale Club Holdings Inc. (NYSE:BJ) between September 2015 and June 2023, including serving as the company’s executive chairman of the board and chief executive officer during that time span. Mr. Baldwin continues to serve as a member of BJ’s board of directors until his term expires at its 2024 annual meeting of shareholders. While at BJ’s, Mr. Baldwin also served as chairman of the National Retail Federation board of directors from 2018-2020. In addition, Mr. Baldwin held numerous senior executive roles at Hess Retail Corporation, Kraft Foods Group, Inc., The Hershey Company, and The Procter & Gamble Company.
Mr. Baldwin brings to Constellation’s board extensive executive and board leadership experience, and deep knowledge of the consumer packaged goods and food and beverage industries from his more than 20 years of service in multiple facets of business leadership including branding, marketing, and human capital development.
“Under the direction of Bill Newlands and his executive team, Constellation Brands has strengthened its position as a growth leader among consumer packaged goods and beverage alcohol companies,” said Baldwin. “I look forward to engaging with my fellow Constellation board members, as well as Bill and his executive team, to further build on the company’s strong foundation and industry-leading momentum, setting the stage for sustainable long-term success.”
In addition, Constellation’s board of directors has accepted the voluntary resignation of Susan Somersille Johnson as a member of the board, effective February 17, 2024. Ms. Johnson joined Constellation’s board in July 2017 and served as a member of its Human Resources Committee. Ms. Johnson’s resignation was not due to any disagreement with the company on any matter relating to its operations, practices, or procedures.
“On behalf of my fellow Constellation Brands board members, I want to thank Susan for her leadership and dedicated service to our board and the company over the past six-and-a-half years,” said Madero.
“Susan’s deep understanding of and passion for brand strategy, marketing, and technology served as valuable assets to our team. We wish her the very best in her future endeavors.”
These moves serve as a continuation of the company’s comprehensive board refreshment and governance enhancement process launched following its transition from a dual to a single class share structure in November 2022.
