Departure of finance chief hits Wedgewood shares

Luxury goods maker Waterford Wedgwood saw its FTSE share price tumble by as much as 30% today after its finance director resigned after less than a year.

The Dublin-based firm, which bought china maker Royal Doulton for €57m (£39.9m) earlier this year, said Paul d’Alton had left to become finance director of greenhouse gas reduction company AgCert International.

Mr D’Alton, 53, joined Waterford last May after the departure of Richard Barnes who had held the post for more than a decade. Mr D’Alton was previously finance director of both Bank of Ireland and Aer Lingus.

Company secretary Patrick Dowling is taking over as acting finance director with immediate effect.

Chief executive Redmond O’Donoghue said: “Paul played an important and constructive role at Waterford Wedgwood but has now been offered an exciting new opportunity. We wish him every success.”

He said Mr Dowling was a “most able” replacement, with considerable banking and public company experience. Mr Dowling has been company secretary since 1999.

Waterford is battling to revive its fortunes after experiencing a softening in consumer demand in the UK and the United States.

A statement at the end of last year showed tough trading had led to a 10% dip in like-for-like sales in October.

The company – famous for brands such as Waterford crystal - makes its products in Europe but sells many in the United States, meaning it has been severely hit by exchange rate fluctuations. It reported operating losses of €21.4m (£15m) for the six months to September 30, against profits of €4.2m (£2.9m) in 2003.

As part of an overhaul, it has cut costs, substantially reduced inventory levels and announced price rises.

It is hoped the acquisition of Royal Doulton will boost the competitiveness of both companies in a toughening market.