Former C&C boss paid almost €3m in his final year, after €700,000 termination payment
The former boss of cider and beer group C&C saw his pay balloon by 68% last year, to almost €3m, after pocketing a contract termination payment of almost €700,000.
Stephen Glancey quit as C&C chief executive after eight years in January, a month before the end of the group’s financial year.
Now, in its latest annual report, C&C – which is chiefly known for its twin cider brands of Bulmers and Magners and lager brands Five Lamps and Tennent’s – said it paid Mr Glancey a total package of just under €2.98m for the 12 months to the end of February; up from just shy of €1.78m 12 months earlier.
That overall figure was boosted by increases to Mr Glancey’s basic salary and long-term incentive payment package, but also a €698,000 termination payment.
Total combined pay for C&C’s four-man executive leadership team rose 18% last year to €5.85m.
C&C recently said it had reached the final stages of its search for a long-term successor to Mr Glancey, but that completion of its hunt for a new CEO would be delayed by the Covid-19 restrictions. That process should speed up now that the lockdown restrictions are easing.
The group enjoyed a good year in 2019; growing operating profit by 10.4%, to €116.4m and seeing annual revenue increasing nearly 8% to €1.7bn.
However, it has taken a near €48m hit from the Covid-19 disruption, while also burning through €7m of cash per month during the crisis. The drinks group also wrote down the value of its US operations by more than €34m and analysts expect it to suffer losses of up to €30m in its current financial year.
Earlier this month, C&C's interim executive chairman Stewart Gilliland said the pandemic has presented “a challenge of unprecedented scale and uncertainty” and that the closure of pubs and bars has created “material implications” for C&C’s earnings potential.
