C&C adds board member, ‘confident’ about meeting earnings projection

O'Rourke will join as an independent non-executive director following the conclusion of the AGM, during which the group will announce that it is “confident”​ about achieving its earnings expectations for the full year.

C&C – which possesses a portfolio of alcoholic drinks brands including Tennent’s, Bulmers and Magners – said in advance of the meeting that earnings have been in line with expectations so far this financial year and that the group provide further details when its H1 trading update is released on 9 September.

It also reaffirmed its commitment to recommence a second €15m tranche of its phased share buyback programme from 1 September.

‘Valuable expertise’ through the door

C&C said that the appointment of O'Rourke follows a “rigorous”​ process that was led by the nomination committee with support from an independent executive search firm.

Commenting on O’Rourke’s arrival, group chair Ralph Findlay said: "Feargal brings valuable expertise to C&C having advised companies on a broad range of corporate, financial and taxation considerations over a long and esteemed career in PwC. We look forward to the contribution he will make to the C&C board in the period ahead as we pursue our strategic, financial and ESG ambitions."​

O'Rourke retired from PwC in October 2023 where he had worked in a variety of roles over a 37 year career with the firm.

In January 2024, he was appointed by Ireland's minister for enterprise, trade and employment as chair of IDA Ireland, a semi-state body which promotes foreign direct investment into the country. He is also chair of think tank, the Institute of International and European Affairs.

"With its iconic brands and leading distribution platform, I am delighted to join C&C and support the Board deliver its ambitious medium and long-term targets,”​ O’Rourke said.

Engine Capital agreement

Prior to this announcement, C&C reached an agreement with activist investor Engine Capital to appoint a new non-executive director, contingent on Engine withdrawing its two proposed nominees for election.​​

However, the process of appointing O’Rourke pre-dates this arrangement with Engine and does not impact the agreement to appoint a new non-executive director to the board.

Prior to the détente with Engine, the investor had called for the C&C board to consider a sale due to its “perennial” underperformance.​​

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