Irish-based crystal glass to cookware group Waterford Wedgwood Plc said it had promoted Redmond O“Donoghue to the newly created post of group president and chief operating officer.
O“Donoghue, 57, …
Irish-based crystal glass to cookware group Waterford Wedgwood Plc said it had promoted Redmond O“Donoghue to the newly created post of group president and chief operating officer. O“Donoghue, 57, will have responsibility for all of the group“s operations worldwide and report to non-executive chairman Tony O“Reilly, one of Ireland“s best known businessmen. O“Reilly said the appointment of O“Donoghue, previously chief executive of Waterwood“s crystal division, “will enable us to continue our record of consistent growth” which has seen the group double in size over the past five years, with annual sales approaching US$ 1 billion. O“Donoghue said he wanted to double the size of the group again over the next five years. “This will be achieved both organically and through the acquisition of other luxury brands, which meet our key criteria,” O“Donoghue said in a statement. The group has indicated that it is seeking to expand its portfolio of luxury brands, perhaps by diversifying into areas such as watches and leather goods. Last month, Waterford posted a pre-tax profit of Euros 18.2 million for the six months to June, up from Euros 13.9 million (US$ 12.06 million) a year earlier, on sales up 30% to Euros 447 million. O“Donoghue has worked for the company since 1985 and has been head of the Waterford division for the past four years. John Foley will step up from his role as Waterford Crystal“s sales and marketing director to be its new chief executive. Brian Patterson remains as CEO of Wedgwood, the group“s other main operating arm.