{"id":159921,"date":"2025-11-26T02:57:09","date_gmt":"2025-11-26T02:57:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/159921\/"},"modified":"2025-11-26T02:57:09","modified_gmt":"2025-11-26T02:57:09","slug":"ardagh-cfo-to-leave-after-bond-deal-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/159921\/","title":{"rendered":"Ardagh CFO to leave after bond deal \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall \"><a href=\"https:\/\/www.irishtimes.com\/tags\/ardagh-group\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/ardagh-group\">Ardagh Group<\/a> chief financial officer John Sheehan is to step down, the company has announced. <\/p>\n<p class=\"c-paragraph paywall \">The news came as Ardagh reported a loss for the third quarter of the year and weeks after it agreed a deal with bondholders to recapitalise the business.<\/p>\n<p class=\"c-paragraph paywall \">Mr Sheehan will step down as group CFO at the end of the current year, the company said in a statement. He had signalled his plan to the board earlier in the year, it said, with a process under way to name his successor. <\/p>\n<p class=\"c-paragraph b-it-article-body__interstitial-link\">[\u00a0<a aria-label=\"Open related story\" class=\"c-link\" href=\"https:\/\/www.irishtimes.com\/business\/2025\/11\/12\/ardagh-creditors-turned-owners-tap-turnaround-veteran-for-chairman-as-coulson-exits\/\" rel=\"noreferrer nofollow noopener\" target=\"_blank\">Ardagh creditors-turned-owners tap turnaround veteran for chairman as Coulson exitsOpens in new window<\/a>\u00a0]<\/p>\n<p class=\"c-paragraph paywall \">\u201cWe are extremely grateful to John for his commitment and diligence in delaying his planned departure until successful completion of the recapitalisation transaction earlier this month,\u201d said executive chairman Mark Porto. <\/p>\n<p class=\"c-paragraph paywall \">The move comes barely a fortnight after Ardagh senior unsecured bondholders, who were owed about $2.4 billion (\u20ac2.1 billion), swapped their bonds for a 92.5 per cent stake in the business. At the same time, Mr Porto, known as a turnaround specialist, was named chairman. <\/p>\n<p class=\"c-paragraph paywall \">Irishman Paul Coulson, who had built up the business over more than two decades, bowed out as a director and shareholder at the time with a $108 million pay out. <\/p>\n<p class=\"c-paragraph paywall \">The remaining 7.5 per cent of the business has been earmarked for holders of Ardagh\u2019s riskiest bonds, so-called payment-in-kind notes. Some 80 per cent of the holders of the $1.9 billion of PIK notes voted in favour of the deal, essentially writing off about 95 per cent of what they were owed.<\/p>\n<p class=\"c-paragraph paywall \">Ardagh\u2019s debt became unsustainable when its earnings were hit after the Covid-19 pandemic by inflation, soaring interest rates and soft consumer demand on both sides of the Atlantic. While the group\u2019s metal containers business has recovered strongly, the glass bottles unit continues to struggle.<\/p>\n<p class=\"c-paragraph paywall \">Mr Sheehan\u2019s departure came as Ardagh reported a $335 million loss after tax for the third quarter of the year, compared to a $36 million loss for the same period a year earlier. Much of the widening loss was driven by exceptional costs tied to the recapitalisation process. <\/p>\n<p class=\"c-paragraph paywall \">Revenue came in at $2.5 billion for the quarter, up from $2.4 billion in 2024, while adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) rose \u20ac394 million from \u20ac362 million year-on-year.<\/p>\n<p class=\"c-paragraph paywall \">For the nine months to the end of September, sales increased from $6.9 billion to $7.2 billion while Ebitda was up marginally to just over $1 billion. The loss after tax for the nine months widened to $535 million from $377 million.<\/p>\n","protected":false},"excerpt":{"rendered":"Ardagh Group chief financial officer John Sheehan is to step down, the company has announced. The news came&hellip;\n","protected":false},"author":2,"featured_media":159922,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[54625,72,61,60,89646],"class_list":{"0":"post-159921","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-ardagh-group","9":"tag-business","10":"tag-ie","11":"tag-ireland","12":"tag-paul-coulson"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/159921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=159921"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/159921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/159922"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=159921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=159921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=159921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}