Constellation Brands CEO Rob Sands will step down on March 1 as he assumes the role of executive chair, the company announced Wednesday.

The alcohol beverage company said Bill Newlands will become its next CEO.

Newlands joined the company in 2015 and currently serves as its president and chief operating officer. He is an alcohol industry veteran, having previously served in a number of leadership roles including president of Beam Spirits, and managing director, U.S. and global marketing officer of LVMH Chandon Estates.