C&C Group appoint new non-executive director
Feargal O’Rourke has been appointed as an independent, non-executive director for C&C. O’Rourke will join the Board with effect after today’s AGM. Upon his appointment, O’Rourke will also become a member of the Audit Committee. The appointment of O’Rourke follows a rigorous process to recruit a new non-executive director led by the Nomination Committee with the support of an independent executive search firm.
Ralph Findlay, C&C Group chair & CEO, 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, added: “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.”
The appointment of O’Rourke is part of the Board’s ongoing programme of refreshment and renewal. The process pre-dates recent engagement with Engine Capital and does not impact the recently announced agreement to appoint a new non-executive director to the Board.
O’Rourke retired from professional services firm PwC in October 2023 where he had worked in a variety of roles over a 37 year career with the firm. He served as the PwC managing partner in Ireland for his last eight years.
In January 2024, he was appointed by Ireland’s Minister for Enterprise, Trade and Employment as chair of IDA Ireland, the semi-state body that promotes foreign direct investment into Ireland. He is also chair of the Institute of International and European Affairs, the Irish based international think tank.
Trading update
Ahead of today’s AGM, C&C has said that Group earnings have been in line with expectations in the financial year-to-date, despite the well-documented poor weather in June. More detail will be provided in the company’s FY2025 Half Year Trading Update on 9 September 2024. The company remains confident of achieving its earnings expectations for the full year, reflecting growth relative to FY2024, and reaffirm its commitment to recommence its second €15m tranche of our share buyback programme from 1 September.
The Group previously communicated its intention to deliver at least €150m to shareholders over the next three years ending in February 2025, 2026, and 2027 through an appropriate mix of share buybacks, dividends and special dividends depending on prevailing circumstances. C&C commenced a €15m share buyback programme on 1 March 2024 which has been completed. The Group will commence the second tranche shortly. Subject to shareholder approval today, the directors have also proposed a final dividend of 3.97 cent per share. An interim dividend of 1.89 cent per share was paid in December, making a full year dividend of 5.86 cent per share.
