Ireland-based C&C Group has appointed CFO Andrew Andrea to the newly formed role of chief financial and transformation officer.
Andrea previously joined the Tennent’s beer maker in March as chief financial officer and an executive director.
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In addition to his updated role, Andrea will lead C&C’s transformation programme, which is focused on simplifying operations and increasing efficiencies across the business.
Last month, US hedge fund Engine Capital wrote to C&C Group’s board to urge for a strategic review at the Magners cider maker.
Engine Capital, which owns just under 5% of C&C, called for a review of the business “aimed at a sale”.
C&C Group said in response: “The board welcomes feedback from all shareholders and has a clear focus on creating shareholder value.”
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By GlobalDataEarlier in June, C&C Group announced CEO Patrick McMahon had resigned “with immediate effect” as it reported financial mistakes made during his time as CFO.
The company said it had reviewed its inventory and balance-sheet reconciliations after its board was notified of “discrepancies” earlier this year.
The news came alongside the publication of C&C Group’s unaudited financial results for its 2023/2024 financial year, which included lower revenue and pre-tax profits.
The Dublin-headquartered company’s performance in its 2022/2023 fiscal year was impacted by a botched software upgrade at its Matthew Clark and Bibendum businesses.
The problems stemmed from the roll-out of new ERP software, with C&C admitting it had seen “significant challenges” with the implementation of the systems. Alongside the disclosure of the problems, made in May 2023, C&C also then announced the departure of CEO David Forde after three years at the helm. He was succeeded by McMahon.
In Engine Capital’s letter to the C&C Group board, Arnaud Ajdler, the investor’s managing member, said: “C&C has been a perennial underperformer and has failed to create shareholder value over any relevant measurable period.
“In our view, a sale could deliver returns far superior to the standalone value of the company, especially considering the time value of money and the execution risks of attempting to reverse self-inflicted issues.”
C&C’s portfolio includes beer brands Tennent’s beer and Five Lamps and cider brands Orchard Pig and Bulmers Irish cider, known internationally as Magners. The group also acquired a wine-distribution arm in 2018, which includes UK wholesaler Matthew Clark and fine-wine merchant Bibendum.
