Wednesday 20 September 2017

No bonuses for C&C's top brass

Finbarr Flynn

C&C boss Stephen Glancey's pay tumbled 15pc after the company decided not to pay a bonus to top management because "none of the performance thresholds for any of the executive directors was achieved".

Mr Glancey, who became chief executive officer of the Clonmel-based drinks maker at the start of 2012, was paid the equivalent of €957,000 in the financial year ended February 28, according to the company's annual report. Mr Glancey, who received an annual bonus of €419,000 the previous financial year, didn't receive an annual bonus in the last financial year. Glancey's base pay in sterling as CEO was unchanged.

"For the year ended February 28 2013, the Remuneration Committee determined that none of the performance thresholds for any of the executive directors was achieved," C&C's annual report stated. In the previous year, the committee said targets were "achieved and bonuses have been accrued".

While no bonus was paid to executive directors in 2013, 43pc of the group's employees at local level were rewarded for performance.

Irish Independent

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