Former C&C directors shared €4.73m

THE four former directors of drinks group, C&C who left the business last year as part of its management shake-up – including ex-chief executive, Maurice Pratt – shared a combined €4.73 million in compensation payoffs upon their departure, according to the company’s latest annual report.

Mr Pratt – who is now chairperson of European Movement Ireland, the voluntary body charged with the task of simplifying EU literature for consumers – pocketed just over €2.54m in total remuneration for his last year in charge. As well as a basic salary of €571,000, this package included “compensation for loss of office” of €1.733m. No directors took an annual bonus for C&C’s last financial year, which ran up to the end of February.

In addition to Mr Pratt, Brendan Dwan – formerly C&C’s chief financial officer – was paid just over €1.08m in compensation and €1.64m in total remuneration.

Brendan McGuinness – who previously headed up the group’s core cider division, which produces the Bulmers/Magners brands – was paid just shy of €1.26m in compensation, boosting his total remuneration package to just under €1.32m. Completing the list of four former directors, James Muldowney – C&C’s former strategy director – picked up €658,000 in compensation, which brought his final-year remuneration package to €831,000.

Each of these directors’ remuneration packages in their final year of service at the group represented hefty increases. Mr Pratt was paid a total of just over €1m in 2008/09 and Mr Dwan only €536,000 in comparison to his latter package, except for Mr McGuinness whose total remuneration package was down.

Meanwhile, Davy Stockbrokers said yesterday that C&C has scope for strong earnings growth. It said that the rollout of the Magners Pear in Britain has been ahead of expectations.