Magners boss quits ailing company
The chief executive of C&C Group, the makers of Magners cider, is standing down after failing to halt the brand's sales slump.
The chief executive of C&C Group, the makers of Magners cider, is standing down after failing to halt the brand's sales slump.
Maurice Pratt, who has headed up C&C for seven years, admitted in a statement that he "had not met the expectations" he'd set for the business over the past two years.
The Dublin-based company has reported a 13% sales slump in the six months to August 31.
C&C also warned that it expected a "material drop" in its second half earnings, citing continued poor trading in Ireland and Great Britain. It said that the poor summer weather and economic downturn were partly to blame.
Pratt said: "The past two years have been very challenging for C&C Group and despite our best efforts we have not achieved our ambitions for the business. As chief executive I have to be accountable and take responsibility for business performance.
"The company has to take important strategic choices and I have therefore decided it is time to stand aside and allow a new CEO to bring fresh thinking and impetus to the business."
Pratt will continue to manage the business until a replacement is found.
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