Directorate Change and Trading Update
C&C Group plc ("C&C" or the "Company")
Directorate Change and Trading Update
The Company announces that, following discussion with the Board, Chief Executive Officer, Stephen Glancey, has informed the Board that he wishes to retire. He will step down as CEO with immediate effect and will be leaving the Company at the end of February. Stephen will, however, continue to be available to assist with effecting a smooth handover.
A search for Stephen's successor will commence shortly. Stewart Gilliland has been appointed interim Executive Chairman with immediate effect to ensure continuity of executive leadership.
The Board confirms that trading across the group for the four months to 31 December 2019 has been in line with the Board's expectations, including through the key Christmas trading period and remains on track to deliver double-digit EPS growth for FY2020.
Stewart Gilliland, interim Executive Chairman 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."
This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Company is Mark Chilton, Company Secretary & Group General Counsel.
Contacts
C&C Group plc
Patrick McMahon, Group Strategy Director
Email: patrick.mcmahon@candcgroup.ie
FTI Consulting
Jonathan Neilan/Paddy Berkery
Tel: +353 1 765 0886/0884
Email: CandCGroup@fticonsulting.com
Novella Communications
Tim Robertson
Tel: +44 203 151 7008
Email: TimR@novella-comms.com
About C&C Group plc
C&C Group plc is a leading, vertically integrated premium drinks company which manufactures, markets and distributes branded beer, cider, wine, spirits, and soft drinks across the UK and Ireland.
· C&C Group's portfolio of owned/exclusive brands include: Bulmers, the leading Irish cider brand; Tennent's, the leading Scottish beer brand; Magners the premium international cider brand; as well as a range of fast-growing, super-premium and craft ciders and beers, such as Heverlee, Menabrea and Orchard Pig.
· C&C Group has own brand and contract manufacturing/packing operations in Co. Tipperary, Ireland; Glasgow, Scotland; and Vermont, United States, where it manufactures Woodchuck, a leading craft cider brand in the United States.
· C&C Group is the No.#1 drinks distributor to the UK and Ireland hospitality sectors. Operating under the Matthew Clark, Bibendum, Tennent's and C&C Gleeson brands, the C&C Group supplies over 35,000 pubs, bars, restaurants and hotels, and is a key route-to-market for major international beverage companies.
· C&C Group also has a minority investment in the Admiral Taverns tenanted pub group, which owns over 1,000 pubs across England and Wales and exports its Magners and Tennent's brands to over 60 countries worldwide.
C&C is a FTSE 250 company, headquartered in Dublin and listed on the London Stock Exchange.
Note regarding forward-looking statements
This announcement includes forward-looking statements, including statements concerning current expectations about future financial performance and economic and market conditions which C&C believes are reasonable. However, these statements are neither promises nor guarantees, but are subject to risks and uncertainties, including those factors discussed on pages 13-17 of the Annual Report 2019 that could cause actual results to differ materially from those anticipated.
Note to Editors
Stephen Glancey's remuneration terms will be in line with his service agreement and the Company's directors' remuneration policy. Under the terms of his service agreement, Stephen will receive a payment of salary in lieu of notice and is eligible for a bonus for the financial year ending 29 February 2020 (to the extent performance conditions are met and paid on the Company's normal bonus payment date). All unvested share awards under the Company's share plans lapse in full on Stephen leaving.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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