Stephen Glancey, the chief executive of Tennent's owner C&C Group, has announced that he is stepping down from the position 'with immediate effect', ahead of his impending retirement.
Glancey, who joined C&C Group from Scottish & Newcastle in 2008, and was appointed the beer and cider maker's CEO in 2012, will leave the group at the end of February.
In the meantime, he will 'be available to assist with effecting a smooth handover', the company said.
C&C Group said that a search for his successor will commence 'immediately', with Stewart Gilliland appointed interim executive chairman 'to ensure continuity of executive leadership'.
'Significant Contribution'
"The board would like to thank Stephen for his significant contribution to C&C over many years," Gilliland commented. "The company is well positioned to continue to implement its established strategy to deliver value for shareholders and Stephen will continue to be available to help facilitate a smooth handover."
Elsewhere, C&C Group confirmed that trading in the four months to 31 December was 'in line with expectations', including during the key Christmas period.
The company remains 'on track' to deliver double-digit EPS growth for full-year 2020.
'Strategic Foresight'
Commenting on Glancey's impending departure, analyst Cathal Kenny of Davy Stockbrokers said, "Glancey oversaw significant change at the group over a long period and was the architect of C&C’s vertically integrated strategy. He had the strategic foresight and confidence to effect the Matthew Clark transaction, which has transformed the equity story.
"He leaves the business against a backdrop of positive operating momentum with a platform that has enhanced potential."
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
