Drinks company C&C has confirmed that 59 year-old CEO Stephen Glancy is to retire and step down as of the end of February 2020.

Stewart Gilliland has been appointed interim Executive Chairman with immediate effect to ensure continuity of executive leadership. Stephen will continue to be available in the interim period to assist with a smooth handover.

The board has begun a search for a successor to Stephen, who was appointed as CEO in 2012 having spent three years as group finaince director. In 2008, he was appointed COO of C&C, and he was previously the group operations officer of Scottish & Newcastle.

In a statement, the company 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.”

The board has also confirmed that trading across the group for the four months to 31st December 2019 has been in line with expectations, including through the Christmas trading period.

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