C&C Group has appointed chief financial officer Andrew Andrea to the newly formed role of chief financial and transformation officer.
Andrea will take on the role with immediate effect, which will see him lead C&C’s transformation programme focused on simplifying operations and increasing efficiencies across the business.
Andrea joined the makers of Bulmers and Magners in March as chief financial officer and an executive director in March.
Since then, a key investor has urged the drinks company to conduct a strategic review of the business ‘aimed at sale.’
Engine Capital owns just under 5% of the company and called for the sale in light of recent results.
The shareholder noted that C&C had been a ‘perennial underperformer’ due to ‘a combination of structural and self-inflicted problems.’
Structurally it criticised the ‘small size and complexity’ of C&C Group’s drinks portfolio, and said its self-inflicted problems culminated in the group appointing its fourth CEO in ‘less than four years.’
In a response, C&C Group said that it welcomed feedback from all shareholders, adding that ‘the key priority is to deliver the substantial actions currently being progressed at pace throughout the business,’ and to improve profit margins.
Andrea’s appointment will see the company embark on its new transformation programme.
