C&C Group CEO quits amid accounting errors

Ireland | What is going on at Irish drinks group C&C, owner of Tennent’s beer and Magners cider? CEO Patrick McMahon stepped down with immediate effect on 7 June, after the company was forced to make retrospective charges totalling EUR 17 million (USD 18 million) to previously reported financial statements. These include a total underlying operating profit adjustment of EUR 5 million and an exceptional charge of EUR 12 million, related to “onerous apple contracts”.

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