Constellation Brands will appoint two directors, share information in deal with Elliott

Corona parent Constellation Brands Inc. on Tuesday said will appoint two new independent directors to its board and share more information with Elliott...

Corona parent Constellation Brands Inc. STZ on Tuesday said will appoint two new independent directors to its board and share more information with Elliott Investment Management as part of agreements struck between the alcoholic beverage company and the investment firm. Shares were up 3% after hours on Tuesday. As part of the agreement with Elliott, a big investor in Constellation, Constellation expanded the size of its board to 13 members to appoint William T.

As part of the agreement with Elliott, a big investor in Constellation, Constellation expanded the size of its board to 13 members to appoint William T. Giles, the former chief financial officer of AutoZone Inc. AZO , and Luca Zaramella, the CFO of Oreo maker Mondelez International MDLZ to the board. Their terms will expire at Constellation’s 2024 annual shareholder meeting. Over that time, Constellation has agreed to limit the size of its board to 13 members.

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