Constellation Brands' Rob Sands will step down as CEO on March 1, The Wall Street Journal reported Wednesday.
He will be succeeded by Bill Newlands, Constellation's president and chief operating officer, the Journal reported.
The Journal reported that Rob Sands will become executive chairman as his brother, Richard, becomes executive vice chairman.
Shares of Constellation slipped about 1 percent in after-hours trade.
This story is developing. Please check back for updates.
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