Anne-Claire Taittinger, a director and former chairman of the French crystalware group Baccarat, has resigned at the request of the majority shareholder, US private equity firm Starwood, which has hel…
Anne-Claire Taittinger, a director and former chairman of the French crystalware group Baccarat, has resigned at the request of the majority shareholder, US private equity firm Starwood, which has held a stake in the group since the summer of 2005. The relationship between Ms Taittinger and Starwood had deteriorated in recent months. The former chairman estimated that the buyout firm had no development strategy for Baccarat. It is now expected that the five-year business plan devised by the Sternlicht brothers, who own Starwood, will be quickly implemented. The brothers also plan to give a licence contract to Starwood Capital allowing it to open hotels and bars carrying the Baccarat name. Union representatives at the company are reportedly not completely opposed to these plans, but are keen to avoid jobs leaving the town of Baccarat for cheaper locations such as Hungary or China. They have also called for a profit-sharing agreement.