C&C Group plc announced the group's chief executive officer, Patrick McMahon, was chief financial officer during the periods to which these adjustments relate and acknowledges that the relevant shortcomings occurred at a time when he had overall responsibility for the Group's finance function. Accordingly, he has informed the board that he will step down as CEO with immediate effect. The Board, with regret, has agreed that it would be in the best interests of the Group for Patrick to do so.

It has been agreed that he will remain as an employee until the end of September to facilitate a smooth transition. In addition to his duties as chair of the board, Ralph Findlay has been appointed Group CEO with immediate effect to ensure continuity of executive leadership. It is expected that he will remain in post as Group CEO for between 12 and 18 months, subject to the timing of the recruitment of Patrick's long-term successor with the relevant search to commence in the autumn.