C&C Group CEO to step down after accounting errors discovered

(Sharecast News) - Drinks maker C&C Group chief executive Patrick McMahon is stepping down after accounting errors in the last three years when he was chief finance director.

The company, which makes brands such as Magners cider and Tennents beer, said corrections to the accounts would result in an aggregate underlying operating profit adjustment charge of €5m.

Chair of the board Ralph Findlay has been appointed Group CEO with immediate effect "to ensure continuity of executive leadership" and is expected to remain in post as for between 12 and 18 months.

C&C released unaudited results for the year to February 29 revealing a loss before tax of €111m compared with a profit of €52m a year earlier.

Reporting by Frank Prenesti for Sharecast.com