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.
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.

More in this section

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up