C&C Group CEO Patrick McMahon has stepped down, after accounting errors have caused the firm to take a €17 million charge.

In a statement released on Friday, the Magners owner outlined several prior year accounting adjustments, including a €12 million charge “with respect to onerous apple contracts”.

“The adjustments have been made following detailed internal and external reviews of inventory and balance sheet reconciliations after discrepancies were notified to the audit committee earlier this year,” the company said. “An independent accounting firm was appointed to investigate the relevant issues and to determine any potential financial impact and the time period over which the issues extended.”

McMahon, who was chief financial officer during the period in which the shortcomings occurred, left the role late last week.

Chair of the board, Ralph Findlay has now been appointed group CEO. C&C expects that he will remain in post as group CEO for between 12 and 18 months, subject to the timing of the recruitment of McMahon’s long-term successor.

McMahon will remain as an employee of the business until September, to facilitate a smooth transition.