C&C Group, the maker of Magners cider, gained shareholder backing for a planned stock issue worth as much as €18.4 million ($26 million) to fund a pay package for its new chief executive officer and two managers.
Investors owning 79.9 per cent of the stock voted in favour of the plan to fund the remuneration package for CEO John Dunsmore, chief operating officer Stephen Glancey and strategy director Kenny Neison at a shareholder meeting in Dublin today.
C&C last month hired Mr Dunsmore, the former head of UK brewer Scottish & Newcastle, to replace Maurice Pratt, along with former Scottish & Newcastle executives Mr Glancey and Mr Neison.
The cider-maker plans to issue the stock as part of all three managers' pay, subject to achievement of financial goals.
Bloomberg