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.

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