James A. Sabia, Jr.
CONSTELLATION BRANDSAbout James A. Sabia, Jr.
Executive Vice President and President, Beer Division at Constellation Brands since January 24, 2022; previously Executive Vice President & Chief Marketing Officer and Beer Division CMO, employed at Constellation since 2007 . Education: Regis University (MBA) and Iona College (Bachelor’s) . In FY2025, enterprise Net Sales were $10.21B and Comparable EBIT $3.50B; company AMIP paid Sabia 78.7% of target, while the FY2023–FY2025 relative TSR PSU tranche paid 0% (16th percentile vs S&P 500), demonstrating pay-for-performance linkage . Over the last five fiscal years, revenue rose from $8.61B (FY2021) to $10.21B (FY2025), with EBITDA increasing over the period, underpinning beer-led value creation during his tenure [GetFinancials: Revenues, EBITDA]*.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Constellation Brands | EVP & President, Beer Division | 2022–present | Leads all U.S. beer commercial and operations; Modelo Especial became a top U.S. beer brand under Beer Division growth agenda . |
| Constellation Brands | EVP & Managing Director, Beer Division | 2021–2022 | Advanced beer capacity & growth initiatives across portfolio . |
| Constellation Brands | EVP & Chief Marketing Officer (enterprise) | 2018–2022 | Led enterprise marketing; helped reposition wine & spirits toward premium portfolio . |
| Constellation Brands | CMO, Beer Division | 2009–2018 | Drove beer portfolio strategy, outpacing U.S. beer market . |
| Constellation Brands | VP, Marketing (Spirits) | 2007–2009 | Led spirits marketing . |
| Crown Imports (Constellation beer JV) | Marketing leadership (Beer CMO coverage) | 2009–2013 | Contributed to consolidation and scale-up of beer business after full acquisition in 2013 . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Canopy Growth Corporation | Independent Director; CGCN Committee member | 2020–2024 | Board governance for consumer brands; committee oversight . |
Fixed Compensation
| Metric (FY2025) | Value |
|---|---|
| Base Salary | $850,000 |
| Target Bonus % of Salary | 95% |
| Actual AMIP Paid | $626,989 |
Multi-year NEO compensation (reported):
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Salary | $700,000 | $776,924 | $838,463 |
| Stock Awards (RSUs/PSUs, grant-date FV) | $1,054,431 | $1,536,411 | $1,936,302 |
| Option Awards (grant-date FV) | $824,953 | $370,022 | $450,119 |
| Non-Equity Incentive (AMIP) | $1,029,005 | $1,082,214 | $626,989 |
| All Other Compensation (perqs, contributions) | $147,718 | $107,895 | $173,585 |
Selected FY2025 perquisite details (included in “All Other Compensation”):
- Personal use of corporate aircraft incremental cost: $63,460 .
- Executive charitable PAC match: $5,000 .
- Product allowance and other executive program benefits per policy .
Performance Compensation
FY2025 AMIP plan (enterprise/division weighting and goals):
| Measure | Weighting (Sabia) | Threshold | Target | Maximum | Payout Curve Basis |
|---|---|---|---|---|---|
| Net Sales (Enterprise) | 20% | 96.5% | 100.0% | 103.5% | 0–200% of target |
| Net Sales (Beer Division) | 20% | $8,520.3 | $8,829.3 | $9,138.3 | 0–200% of target |
| Comparable EBIT (Enterprise) | 20% | 94.5% | 100.0% | 105.5% | 0–200% of target |
| Comparable EBIT (Beer Division) | 20% | $3,257.3 | $3,428.7 | $3,600.2 | 0–200% of target |
| Free Cash Flow (Enterprise) | 20% | $1,232.0 | $1,540.0 | $1,848.0 | 0–200% of target |
FY2025 AMIP results and payout for Sabia:
| Measure | FY2025 Actual | % of Plan | Payout % | Weight | Weighted Result |
|---|---|---|---|---|---|
| Net Sales (Enterprise) | $10,208.7 | 96.0% | 0.0% | 20% | — |
| Net Sales (Beer Division) | $8,539.8 | 96.7% | 29.7% | 20% | 5.9% |
| Comparable EBIT (Enterprise) | $3,497.9 | 98.4% | 78.9% | 20% | 15.8% |
| Comparable EBIT (Beer Division) | $3,394.4 | 99.0% | 85.0% | 20% | 17.0% |
| Free Cash Flow (Enterprise) | $1,938.1 | 125.9% | 200.0% | 20% | 40.0% |
| Total | 78.7% of target |
Long-term equity awards (FY2025 grant terms):
| Grant Date | Award Type | Units/Options | Grant-Date FV | Vesting |
|---|---|---|---|---|
| 4/25/2024 | PSUs | 2,150 | $1,261,090 | 3-year performance; service through 5/1/2027 |
| 4/25/2024 | RSUs | 2,580 | $675,212 | 33% per year at each of first three anniversaries of 5/1/2024 |
| 4/25/2024 | NQSOs (Class 1) | 5,401 | $450,119 | 33% per year at each of first three anniversaries; 10-year term; $261.71 strike |
PSU performance design (FY2025 grants):
- 50% weight: TSR vs S&P 500 Food, Beverage & Tobacco Index; Threshold 25th percentile, Target 50th, Max 75th+; negative absolute TSR caps payout at target .
- 50% weight: Organic Net Sales CAGR; Threshold 6%, Target 7%, Max 8%; service vest on 5/1/2027 .
PSU outcome (FY2023–FY2025 tranche):
- Relative TSR certified at ~16th percentile; no units earned (0%) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Class A) | 21,029 shares |
| Options exercisable within 60 days (Class 1) | 42,837 options |
| Unvested RSUs (examples at 2/28/2025) | 314; 811; 1,649; 2,580 shares unvested |
| Options detail (examples) | 2018: 5,714 @ $228.26 exp. 4/23/2028 (exercisable); 2019: 10,011 @ $207.48 exp. 4/23/2029 (exercisable); 2021: 7,377 ex./2,458 unex. @ $238.31 exp. 4/20/2031; 2022: 5,479 ex./5,478 unex. @ $254.21 exp. 4/21/2032; 2023: 1,878 ex./3,754 unex. @ $224.38 exp. 4/24/2033; 2024: 5,401 unex. @ $261.71 exp. 4/25/2034 |
| Stock ownership guideline (Exec VP) | 3x base salary; assessed at least annually |
| Guideline compliance (NEOs) | Each NEO met or was within accumulation period at Record Date |
| Anti-pledging policy | Executives prohibited from pledging; Sands-family carve-out only, overseen with quarterly monitoring |
| Anti-hedging & clawback | Hedging prohibited; clawback compliant with Dodd-Frank—mandatory recovery on restatement for prior 3 years |
Insider transactions (recent, indicative):
- April 2024 Form 4 reported settlement/acceptance of PSU-related shares (874), indicating derivative award activity; footnote references family trust holdings .
- Historical Form 3/4 filings confirm Class A and Class 1 holdings and award structures, including trust ownership .
Employment Terms
| Provision | Terms |
|---|---|
| Agreement year | 2018; automatically renews annually unless 180 days’ notice |
| Severance (qualifying termination) | Lump-sum: 2x base salary + 2x average AMIP (prior 3 years); 24 months medical/dental; up to 18 months outplacement |
| Non-compete | 2-year non-compete post-termination; confidentiality obligations apply |
| Non-solicit | 12 months post-termination |
| Change-in-control equity | Double-trigger: NQSOs and RSUs become fully vested; PSUs vest at target upon qualifying termination within 24 months of CIC |
| Clawback | Company policy and award agreements include clawback rights; restatement recovery per SEC rules |
Quantified potential payments (as of 2/28/2025):
| Scenario | Severance Pay | Medical/Dental | Outplacement | Total |
|---|---|---|---|---|
| Qualifying termination | $3,525,472 | $49,206 | $55,000 | $3,629,678 |
Equity acceleration values (as of 2/28/2025):
| Scenario | Value |
|---|---|
| Qualifying termination following CIC | $2,505,087 |
| Death or disability | $2,505,087 |
| Retirement (eligible) | $1,599,671 |
Company Performance Context (last 5 fiscal years)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenues ($USD) | $8,614,900,000 [GetFinancials]* | $8,820,700,000 [GetFinancials]* | $9,452,600,000 [GetFinancials]* | $9,961,800,000 [GetFinancials]* | $10,208,700,000 [GetFinancials]* |
| EBITDA ($USD) | $3,247,600,000* | $3,388,300,000* | $3,355,200,000* | $3,616,200,000* | $3,957,000,000* |
*Values retrieved from S&P Global.
Investment Implications
- Pay-for-performance discipline: Sabia’s FY2025 AMIP paid 78.7% of target (enterprise Net Sales miss; EBIT below plan offset by FCF beat), and the FY2023–FY2025 TSR PSU tranche paid 0%, evidencing downside sensitivity to underperformance .
- Retention and potential selling pressure: Significant unvested RSUs (multiple tranches) and PSUs (service vest dates in 2026–2027) plus staged NQSO vesting could create periodic liquidity events; watch vesting dates (RSUs: annual on May 1; PSUs: May 1, 2026/2027) and option expirations (2031–2034) .
- Alignment and risk controls: Executive ownership guidelines (3x salary), anti-hedging, and anti-pledging policies (with Sands-family exception only) reduce misalignment risks; Sabia’s beneficial holdings and award mix align with long-term value creation .
- Change-in-control economics: Double-trigger equity acceleration and ~$3.63M severance in a qualifying termination support leadership continuity but imply moderate payout leverage; equity acceleration at target for PSUs tempers windfalls .
- Execution track record: Beer Division continues to lead category share with capacity expansion and margins; enterprise revenue growth over five years supports high-ROIC beer investments under Sabia’s leadership remit [GetFinancials]*.