Chief executive of drinks group C&C to step down

Mr Forde, who has led the business since November 2020, will also cease to be a director of the group

Group chief financial officer Patrick McMahon will now take on the position as chief executive with immediate effect, while chair Ralph Findlay has been appointed as executive chair to support this transition.

Mr McMahon will also continue in his role as CFO until a replacement has been appointed.

C&C said that a process to appoint a successor for Mr McMahon will commence shortly.

"David has informed the board that he believes that now is the right time for him to step down as CEO and to allow the business to go forward under new leadership,” Mr Findlay said.

"The board recognises and thanks David for his contribution to the group throughout a challenging period for our industry.”

Mr Forde said that it has been a “privilege to lead such a great business as C&C.”

"I am grateful to all C&C colleagues for their dedication, resilience and commitment in recent years,” he added.

"I wish the group all the best for the future under Ralph’s and Paddy’s strong leadership."

In an update today, the company also highlighted ongoing challenges related to the implementation of a new enterprise resource planning system update in the UK

The implementation in its Matthew Clark and Bibendum businesses in the UK has taken longer than anticipated, creating a “consequent material impact” on both service and profitability.

C&C now expects a one-off impact of around €25m as a result of this disruption in its current financial year due to costs associated with restoring service levels, as well as lost revenue related to disruption.

C&C is set to issue its full year results for its previous financial year next Wednesday.

It manufactures, markets and distributes drinks across the UK and Ireland, including Bulmers and Magners cider and Tipperary Water.