Modelo and Corona owner Constellation Brands appointed board member and former Suntory executive Nicholas Fink as its next president and CEO, effective April 13. He succeeds Bill Newlands, who is stepping down from the role and the company’s board of directors.
Newlands, who worked at Constellation Brands for more than a decade and has been CEO since 2019, will stay with the company as a strategic advisor through the transition. The company credited Newlands with helping Constellation Brands reshape the company's wine portfolio and grow Modelo to the No. 1-selling beer in the U.S. — though Anheuser-Busch's Michelob Ultra recently dethroned the brand in terms of volume.
Fink will join Constellation after a 10-year tenure at Fortune Brands Innovation, a home security company. But he is not new to the alcohol sector. Prior to Fortune, Fink spent nine years at alcohol giant Suntory, holding positions including chief strategy officer and president of Asia Pacific and South America, according to his LinkedIn profile.
Constellation is tapping Fink to position the company for long-term growth amid a “hyper-competitve environment,” crediting him with a history of leading public multi-category businesses “that evolve with changing consumer demands.” He has been on Constellation’s board for the past five years, giving him an understanding of the company’s business model, said Chris Baldwin, chair of Constellation Brands’ board.
“Nick will bring unique perspective and capabilities that will benefit Constellation and its stakeholders as we position the company for long-term success in a rapidly evolving and hyper-competitive environment,” Baldwin said in a statement.
Constellation’s beer portfolio is primarily focused on imported and premium offerings, which has insulated it from some larger beer market slumps but has created other cost headwinds like tariffs. It's also seen declines in Mexican brands including Modelo and Corona as demand among Hispanic consumers plummets amid deportation threats and ICE raids.
The company is hoping to replicate its success with Modelo by building up distribution of fast-growing Pacifico, which is the No. 2 brand in California and resonates with younger consumers.
In Constellation Brands’ most recently reported quarter, total revenue for the third quarter ending Nov. 30 was $2.2 billion, a 10% decrease from the previous year. Despite the declines, executives said its beer business outperformed the rest of the industry.
