The CE of C&C Group, the Irish drinks maker of Magners cider, has fallen on his sword after the latest in a series of profit warnings over the past 2y. Maurice Pratt, who had been credited with rejuvenating cider in Britain by marketing Magners as an over-ice drink, said he has decided to step down after the "repositioning strategy" he sought to execute at C&C fell short of expectations. Mr Pratt, who led the flotation of C&C in 2004, said he believed his decision would "best serve the interests of shareholders & employees." He will remain in place until a successor is appointed. Soaring sales during the hot summer of 2006 saw the company grab second place in the cider market behind Bulmers, owned by S&N. But Magners has since gone sharply backwards because of a combination of dire weather, the consumer downturn & S&N's relaunch of Bulmers Original as an over-ice cider.
