Wedgwood executives pocket €10.2m

SEVEN executives in Waterford Wedgwood pocketed €10.2 million in salaries and bonuses last year while close to 2,000 staff got the axe worldwide - including 500 people in Waterford.

Their pay and bonuses for the last financial year was more than double the previous year’s €4.2m.

Outgoing chief executive Redmond O’Donoghue got a package of over €1m for his services to the group. That was slightly less than his payment in 2004, the annual report and accounts for the year to March 31, 2005, disclose.

The biggest winner in the pay bonanza was new chief executive Peter Cameron, who walked away with a hefty bonus of over €3m for selling off All-Clad in the US, the group’s most successful subsidiary.

It had to be sold to shore up losses in the crystal and bone china divisions and to bring down group debt.

Some who left the group, such as Richard Barnes and Chris McGillivary, also received hefty payoffs. Mr Barnes is to be retained until 2008 as a consultant.

Non-executive directors Dr Tony O’Reilly, PJ Goulandris and Chryss O’Reilly waived their fees.

The group lost €161m last year and 500 workers in the two Waterford Crystal plants lost their jobs.