Directorate Change

RNS Number : 4423F

C&C Group Plc

09 October 2008

 



Resignation of Chief Executive

CCR.I        CCR.L

Dublin, London, 9 October 2008: C&C Group plc ('C&C' or the 'Group'), a manufacturer, marketer and distributor of branded beverages in Ireland and the UK, today announces that Maurice Pratt has informed the Board of C&C of his intention to resign his position as Chief Executive. Maurice Pratt has served as Chief Executive of C&C for the past seven years.

Maurice Pratt has informed the Board that he has taken this decision because the repositioning strategy he has sought to execute over the past two years has not met the expectations he had set for the business. He believes his decision will best serve the interests of shareholders and employees. He will continue to manage the business during the transition until a new CEO is appointed.

Commenting on his decision to resign Maurice Pratt said "The past two years have been very challenging for C&C Group and despite our best efforts we have not achieved our ambitions for the business. As Chief Executive I have to be accountable and take responsibility for business performance. The company has to take important strategic choices and I have therefore decided it is time to stand aside and allow a new CEO to bring fresh thinking and impetus to the business. It is my clear view that this course of action is in the best interest of the shareholders and employees of C&C. Since I joined the company I have worked with the management team to build our Brand portfolio in cider, spirits and liqueurs. Despite our clear trading difficulties Magners is the market leader for premium cider in the UK. I want to take this opportunity to thank my management colleagues and all of the employees of C&C for their remarkable commitment during what have been extremely difficult times. I am fully committed to continue working with the Board and management to ensure a smooth transition to a new CEO."  

Tony O' Brien, Chairman of C&C said "The Board of C&C fully respects Maurice Pratt's decision to resign as Chief Executive. Maurice has given seven years of unstinting commitment to the company and his experience and drive has been invaluable. His time as CEO has been marked by both successes and challenges for the company and on behalf of the Board, management and employees I want to thank him for his loyalty and dedication throughout. We wish him every success for the future".

About C&C Group plc

C&C Group plc is a leading manufacturer, marketer and distributor of branded beverages in Ireland and the UK. C&C manufactures the leading Irish cider brand, Bulmers, and the premium international cider brand, Magners, for export to the United Kingdom, the United States and Continental Europe. C&C also exports spirits and liqueurs, including the premium Irish whiskey brand, Tullamore Dew, to over 80 international markets. 

Investors and analysts	Irish Media	International Media
Mark Kenny or Jonathan Neilan K Capital Source Tel: [phone] Email :c&[e-mail]	Paddy Hughes or  Anne-Marie Curran Drury Communications Tel:    [phone] Email: [e-mail]       [e-mail]	Edward Orlebar or Charlotte Kirkham M Communications Tel:    [phone]/1531  Email: [e-mail]    [e-mail]

 

END

 

 

ISEUWSKRWKRRRAA