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Thursday, May 23, 2024

C&C Group, the owner of Bulmers, has announced that their Chief Executive will be stepping down immediately


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The chief executive of Bulmers and Tennent’s maker, C&C, David Forde has resigned from his position as head of the company with immediate effect, the company stated on Friday morning. Patrick McMahon, the group’s current chief financial officer, will be taking up the role of CEO and Ralph Findlay, the current chairman, will be assuming the role of executive chair to support the transition.

C&C’s announcement follows ‘significant challenges’ within the business, including a once-off charge of €25m related to a complex ERP system upgrade in its Matthew Clark and Bibendum drinks businesses. The implementation process has been more difficult and disruptive than originally thought, with a consequent impact on service and profitability.

Despite these issues, C&C reaffirmed its earnings guidance for the year, expecting to report an operating profit of €84m and the return of dividend payments to shareholders in FY2023. The company also stated that the transition of leadership and its strong free cash flow generation, along with increased balance sheet strength, will enable the company to move forward.

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