Patrick McMahon, chief executive of Magners and Bulmers cider group C&C Group PLC (LSE:CCR), has resigned after a string of accounting errors came to light.
McMahon was chief financial officer during the period concerned, with the group set to take charges of €17 million reflecting €5 million for the accounting errors and €12 million for other onerous contracts.
C&C added that McMahon acknowledged the shortcomings had occurred at a time when he had overall responsibility for the group’s finance function and the board accepted his resignation with immediate effect.
Chairman Ralph Findlay will take over as Interim chief executive for 12-18 months until a long-term replacement is appointed.
Separately, C&C said revenues in the year to the end of February 2024 dropped slightly to €1.65 billion while it posted a loss of €111 million after a €150 million goodwill impairment.
Underlying losses were €50 million (2023: €104 million profit).
Shares fell 8% to 155p.