C&C drinks group executive pay drops as bonus targets are missed

Executive pay levels at Irish drinks group C&C fell nearly 15% in its last financial year, to just over €2.2m, after management missed yearly performance targets resulting in non-payment of bonuses.

The cider and lager maker — chiefly known for its Bulmers/Magners cider and Tennent’s lager brands — last month reported a near €73m net loss for the 12 months to the end of February, driven by a €129m write-down in the value of its US business, the second such move in two years.

The group’s newly published annual report shows that chief executive Stephen Glancey’s salary fell to €708,000 last year from €803,000 and his total annual package dropped to €1.05m from €1.23m.

Chief financial officer Kenny Neison’s package fell nearly 14% to €759,000; while that of Joris Brams, head of C&C’s international division, declined by around the same percentage to €398,000.

C&C’s shares were up marginally, but are still down around 14% since the turn of the year.

The group has said that it remains committed to its struggling US business, despite recent writedowns and admitting its American investment has not worked.

However, US distribution partner Pabst has a long-term option to buy C&C’s US operations, even though the Irish brewer claims it is not looking to sell up in that market.