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Constellation Brands names new CFO as executive moves to Canopy Growth

Constellation Brands Inc. said Dec. 9 that the company promoted Garth Hankinson as its executive vice president and CFO, effective Jan. 13, 2020.

He is now Constellation Brands' senior vice president for corporate development.

Hankinson will succeed David Klein, who is set to step down from the company Jan. 13, 2020.

Separately, Canopy Growth Corp. said Klein will become its CEO Jan. 14, 2020.

He will replace Mark Zekulin at Canopy Growth. Klein is also the chairman of the medical cannabis producer's board.

Shares in Canopy Growth rose 12.8% in afternoon trading Dec. 9 to C$27.88.

In 2018, Constellation Brands invested C$5 billion in Canopy Growth. Constellation Brands posted a $54.7 million loss on a comparable basis on its investment in Canopy Growth during the company's second quarter of fiscal 2020.