THE chief executive of Tennent’s lager owner C&C Group has stepped down from the role with“immediate effect”.

The company said Stephen Glancey, 59, had informed the company that he “wishes to retire” and will be leaving the company entirely by the end of February. C&C added that

Mr Glancey would “continue to be available to assist with effecting a smooth handover.

Chairman Stewart Gilliland has been appointed interim executive chairman, and the search for Mr Glancey’s successor will begin shortly, the company said.

Mr Glancey was one of a number of former executives of brewer Scottish & Newcastle who eventually joined C&C after the Edinburgh group was acquired by Heineken and Carlsberg for £8 billion in 2008. Glancey was appointed C&C group chief executive of C&C in 2012, after three years as group finance director.

Glancey led the buyout in 2018 of Matthew Clark and Bibendum, the wholesale arms of failed retailer Conviviality.

The FTSE 250 company, headquartered in Dublin, said that trading across the group for the four months to December 31 2019 had been in-line with the expectations, including through the key Christmas trading period, and remains on track to deliver double-digit growth for its 2020 full year.

Mr Gilliland said: “The board would like to thank Stephen for his significant contribution to C&C over many years.

“The company is well positioned to continue to implement its established strategy to deliver value for shareholders and Stephen will continue to be available to help facilitate a smooth handover.”

In addition to Tennent’s, C&C’s portfolio of drinks brands includes Bulmers and Magners cider, as well as a range of fast-growing, “super-premium” and craft ciders and beers, such as Heverlee, Menabrea and Orchard Pig.

C&C acquired the Tennent’s lager brand from Anheuser-Busch InBev as part of a deal worth £180 million in 2009.