Bulmers maker C&C increases bosses’ pay by 15%

By Geoff Percival

Drinks group C&C paid its executive directors a combined €2.53m last year, an increase of almost 15% on the previous year.

The pay figures, detailed in the cider and beer maker’s newly-published annual report, are slightly misleading due to foreign exchange effects and general board upheaval.

Of the five-member executive board, only chief executive Stephen Glancey and managing director of C&C’s international division Joris Brams were in situ for the whole year.

Kenny Neison quit as finance chief in June; chief operating officer Andrea Pozzi joined in the same month, while new chief financial officer Jonathan Solesbury joined the board in November.

C&C makes Bulmers/Magners cider and Tennent’s lager. It reviewed base salary levels at the start of its last financial year, awarding a 1% increase. 

The largely UK-based Mr Glancey’s basic salary for the previous financial year was £590,850 which converted at the average exchange rate to €708,283.

For the year to the end of last February, Glancey’s base salary was up to £596,759, which reflected the 1% rise, but showed a slight decline to €677,365 in euro.

Due to currency conversion effects, his overall remuneration amounted to €994,000 for the most recent year, down slightly from €1.05m 12 months earlier.

Mr Brams’s total package last year including salary, annual bonus and benefits jumped by 14.5% to €456,000.

Last month C&C reported a near 5% decline in full-year revenues to just over €548m, with group operating profit falling 7% to €86.1m.

The group’s shares have fallen by almost 3% over the past year.

C&C, which has invested heavily over the past 12 months in overhauling its presence in the UK, is planning on investing up to €2m on increasing capacity at its Irish brewing facilities — either at Co Tipperary, where it makes Bulmers, or in Dublin where it makes its Five Lamps craft beer.

More on this topic

National Enquirer publisher ‘acted lawfully’ amid Bezos blackmail claim

Today FM, Dempsey biggest winner in latest JNLRs

Even in January, thoughts are already turning towards Japan

6 things you’ll only know if you have the January blues

More in this Section

Huawei founder says US ‘cannot crush’ Chinese tech giant

Dublin gets lion's share as employment numbers rise to record 2.28m

Kerry Group warns of 'extreme' impact from no-deal Brexit

Germany and France push to create European industrial policy


Lady Gaga splits with fiancé Christian Carino: Here’s how to navigate a broken engagement

As Zoella reveals she’s suffering from imposter syndrome, here are 4 tips for dealing with it

Living with arthritis? 7 tips for managing morning stiffness

Seven myths and truths about healthy skin

More From The Irish Examiner