C&C boss takes his leave as profits start to froth again
John Dunsmore, the booze executive parachuted in to cider maker C&C three years ago on a potential £6 million share deal suddenly quit the company today.
The size of his departing pay-off is not clear, with company spokesman Robert Ballantyne saying he would leave under "normal contractual arrangements".
It's not clear what those are, but he has 869,000 share options at an average strike price of 2.42. The stock was at 2.70 today. He also has 102,299 ordinary shares.
The company said he would "remain invested" but otherwise offered no guidance.
Dunsmore, on a salary of towards 1 million, is best known for selling Scottish & Newcastle to Heineken and Carlsberg in a near £8 billion deal. That was in 2008, after which he joined C&C on a private equity style pay deal to turn around the company behind Magners and Bulmers.
He has had some success, with first-half profits up 8% to e67 million despite a poor summer.
Chief operating officer and finance firector Stephen Glancey will succeed John Dunsmore as chief executive at the end of the year, with strategy director Kenny Neison taking over from Glancey at the same time.
Dunsmore said: "It has been a period of intense activity and progress and I have decided that, with the strategic course of the business established, this is the right time for me to hand over the baton."
