C&C Group CFO adds business transformation duties to role

Drinks supplier C&C Group has given its chief financial officer (CFO), Andrew Andrea, additional responsibilities, becoming chief financial and transformation officer with immediate effect.

Andrea will be charged with leading C&C’s transformation programme, which is focused on simplifying operations and enhancing efficiencies across the business.

The move comes after the company, which encompasses brands including Tennent’s lager and Magners and Bulmers cider, discovered “accounting mistakes and errors” in its 2023 financial results and posted a €114m (£96m) loss for the financial year ended 29 February 2024.

Andrea joined C&C as CFO and executive director on 1 March 2024 after more than 20 years with Marston’s in roles including CFO and corporate development officer, and latterly as CEO, during which time he navigated the brewer through the pandemic.

He followed his Marston’s predecessor Ralph Findlay to C&C, who joined the Ireland-headquartered firm as non-executive director and chair in 2022. Findlay assumed the chief executive role in June this year when Patrick McMahon left the position in the wake of the accounting discrepancies.

In the same month, the drinks producer came under fire from one of its shareholders, Engine Capital, for being a “perennial underperformer”, which published an open letter urging C&C to conduct a strategic review in preparation for a sale.