DOW JONES NEWSWIRES
The head of Constellation Brands Inc.'s (STZ) international
business will leave the company at the end of the month on slumping
sales at its U.K. and Australian businesses and a company
streamlining, the company said Friday.
The company, which produces premium wines, cut its forecast in
March for the current fiscal year after seeing weaker-than-expected
demand over the holidays in Europe and Australia in contrast to the
U.S., where the wine market has continued to grow.
Jon Moramarco was appointed as chief executive of Constellation
International in January 2007, a new position at the time. That job
is being eliminated due to a review of the international
operations. He had joined the company from the U.S. unit of Allied
Domecq Wines PLC (AED) in 1999.
Chief Executive Rob Sands said, "We anticipate significant
benefits from a leaner and more flexible international
organization."
Other moves include Paul Hetterich overseeing the international
business of Constellation's European, Australian and New Zealand
operations. He will remain in charge of leading the company's
acquisition-and-divestiture and strategic-planning efforts. The
company has bought and sold a number of brands in recent years.
Shares were up 4 cents premarket to $12.46 amid a broad market
rally.
-By Tess Stynes, Dow Jones Newswires; 201-938-2473;
tess.stynes@dowjones.com
