The owner of Tennent’s lager is on the hunt for a new boss after its chief executive said he was standing down.
Stephen Glancey steps down as chief executive of Irish drinks group C&C with immediate effect and will leave the business at the end of next month. He will continue to be available to “assist with effecting a smooth handover”, the group added.
Dublin-headquartered C&C swallowed the Tennent’s brand and its famous Wellpark Brewery in Glasgow in a 2009 takeover deal. Among the group’s other core brands are Bulmers and Magners ciders.
C&C said Stewart Gilliland had been appointed interim executive chairman with immediate effect to ensure “continuity of executive leadership”. A search for Glancey’s successor will kick off shortly, it added. His profile had been removed from the board of directors section of the C&C Group website this morning. Glancey had been CEO at C&C for the past eight years.
Gilliland said: “The board would like to thank Stephen for his significant contribution to C&C over many years. The company is well positioned to continue to implement its established strategy to deliver value for shareholders and Stephen will continue to be available to help facilitate a smooth handover.”
In a brief stock market update to investors, the group also confirmed that trading across the business for the four months to 31 December had been in line with the board’s expectations, including through the key Christmas trading period, and remains on track to deliver double-digit earnings-per-share growth for the 2020 financial year.
C&C’s portfolio also contains Heverlee and Menabrea beers.
In October C&C highlighted a "resilient" brand performance for Tennent’s. It noted at the time: "The brand health scores remain at all-time highs and we have momentum on customer recruitment in the critical independent free-trade. We have also launched our direct to store distribution business and are making good progress."
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