Patrick McMahon quits after company takes underlying charge of €5m on previous years accounts
Patrick McMahon, who had been in the top job for barely a year, left with immediate effect, the company said. Photograph: Chris Radburn/PA Wire
“Prior year accounting adjustments are expected to be made in respect of inventory and balance sheet items,” C&C said while insisting there was no change to the group’s expected earnings for 2024-2027. The adjustments, which represented an underlying operating profit adjustments charge of €5 million, would “impact previously reported financial statements,” it said.
Company chairman Ralph Findlay has been named CEO “to ensure continuity of executive leadership,” the company said. He is expected to hold the office for between 12 and 18 months until a successor is named, it added.
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