Outgoing C&C boss receives pay packet worth nearly €3m

Former chief executive Stephen Glancey enjoyed a 67% bounce in his overall pay packet

Former C&C chief executive Stephen Glancey stepped down in February. Photograph: Bryan O’Brien

Former C&C chief executive Stephen Glancey stepped down in February. Photograph: Bryan O’Brien

 

The outgoing chief executive of drinks group C&C, Stephen Glancey, got a pay packet worth nearly €3 million for his final year in the job, according to the company’s latest annual report.

That was up 67 per cent on the €1.7 million he received the previous year.

Mr Glancey, who stepped down in February, received a basic salary of nearly €700,000 as well as €1.5 million in additional bonuses, incentives and pension entitlements. He also received a termination payment of €696,000.

In the report, the Bulmers owner said: “Covid-19 may have an impact on the viability of a certain cohort of the group’s customers and on underlying consumer behaviour and preferences.”

Revenue

In its full-year results, released earlier this month, the company said the pandemic had “materially impacted” its business, with the shutdown of the hospitality sector meaning no revenue has been generated from on-trade venues since March.

It said the sale of Bulmers fell 16 per cent in the on-trade in April and May while Tennent’s in Scotland was 42 per cent lower and Magners was down 7 per cent. In the off-trade, sales of Bulmers rose 62 per cent while Magners and Tennent’s were also up significantly.