Waterford US chief in shock retirement

WATERFORD Wedgwood yesterday switched control of the company’s US operations to Ireland following the unexpected retirement of the chief executive and president of Waterford Wedgwood USA, Christopher J McGillivary.

Within hours of the Irish Examiner asking if major changes were underway in Waterford’s US management structure the company issued a statement to the Stock Exchange announcing 57-year-old Mr McGillivary’s early retirement.

Irish-based Waterford Crystal chief executive John Foley is to add the responsibility for Waterford Wedgwood USA to his current role.

The company’s US operations are to contract considerably when the sale of the company’s All-Clad business for €205 million is completed in the coming weeks.

The sale will free-up highly rated All-Clad chief executive Peter Cameron for a new role as Waterford Wedgwood’s chief operating officer.

Mr McGillivary, who was a member of Waterford Wedgwood’s main board since 1996, joined the company in 1990. He was also co-chairman of All-Clad Holdings.

Mr McGillivary was chief executive of Waterford Wedgwood USA for 14 years. During his tenure sales grew by 125% and Waterford Crystal’s market share in America doubled at a time when profitability was also greatly enhanced.

“Perhaps the highlight of McGillivary’s tenure was his idea of the Waterford Times Square Ball for the millennium and the highly successful product collection that he conceived with the millennium theme,” Waterford Wedgwood said in a statement.

There was no comment from Mr McGillivary in the statement issued by Waterford Wedgwood.