VICTOR, N.Y. - Constellation Brands, Inc. (NYSE: NYSE:STZ), a prominent producer and marketer of alcohol beverages, has announced the appointment of Christopher J. Baldwin as the non-executive chair of its board of directors, effective March 1, 2024. Baldwin, a managing partner at CVC Advisors (U.S.) Inc., brings extensive experience in consumer packaged goods and retail industries to the role.
Baldwin's election to the board comes as Constellation Brands continues to adapt to the evolving beverage alcohol market with an eye towards sustainable growth and shareholder returns. His background includes leadership roles at BJ’s Wholesale Club Holdings Inc. (NYSE: BJ), where he served as executive chairman and CEO, and board positions at the National Retail Federation.
The company also confirmed the voluntary resignation of Susan Somersille Johnson from the board, effective February 17, 2024. Johnson, who joined the board in July 2017, did not resign due to any disagreement with the company.
These board changes are part of Constellation Brands' broader governance enhancement process, which began after the transition from a dual to a single class share structure in November 2022.
Constellation Brands is known for its portfolio of beer, wine, and spirits brands, including Corona, Modelo, and The Prisoner Wine Company. The company emphasizes sustainability and social responsibility in its business practices.
The information in this article is based on a press release statement.
InvestingPro Insights
As Constellation Brands (NYSE: STZ) welcomes Christopher J. Baldwin to its board of directors, the company's financial health remains a key factor for investors. With a market capitalization of $44.57 billion and a forward-looking approach, Constellation Brands is positioned as a significant player in the alcohol beverage industry.
InvestingPro data highlights the company's robust financial metrics, with a P/E ratio of 29.62, reflecting investor confidence in its earnings potential. The company's revenue for the last twelve months as of Q3 2024 stands at $9.82 billion, with a growth rate of 2.75%, indicating steady business expansion. Furthermore, Constellation Brands boasts a strong operating income margin of 31.74%, showcasing efficient management and profitability.
InvestingPro Tips suggest a mixed outlook. On a positive note, Constellation Brands has raised its dividend for 9 consecutive years, signaling a commitment to returning value to shareholders. Additionally, the company is expected to be profitable this year, backed by a consistent track record of profitability over the last twelve months. On the other hand, 15 analysts have revised their earnings estimates downwards for the upcoming period, which may warrant investor caution.
For investors looking to delve deeper into Constellation Brands' prospects, additional insights are available on InvestingPro. With more tips at your disposal, you can make a more informed decision about your investment. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription and access these valuable insights. Currently, there are 5 more InvestingPro Tips listed for Constellation Brands, providing a comprehensive analysis for potential investors.
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