DUBLIN, Ireland–John Foley, chief executive officer of Waterford Crystal and president of Waterford Wedgwood USA, has resigned his executive positions and his directorships of Waterford Wedgwood PLC and all of its subsidiaries. His resignation follows the Waterford Wedgwood PLC’s bankruptcy filing overseas last week. Group Chairman Sir Anthony O’Reilly, along with a few other board members, resigned from their posts last week.
“While the past number of months have been difficult and the events of last week have been and continue to be devastating for everyone associated with Waterford Crystal, I am proud that the management and work force worked tirelessly for the continuation of the company,” Foley said in a statement. “I am hopeful that, under new ownership, the brand and the Irish dimension of the business will continue in the long term.
“Despite the many obvious issues in the business, the Waterford brand continues to be the market leader in the U.S., Ireland and Britain and, although market conditions have been extremely difficult, the brand is as strong as it ever has been.”
Foley has been with the company for 18 years, and has served as its CEO for the past eight. He was named president of the U.S. division in 2005. The U.S. division was not included in the parent company’s filing last week, and it was unknown at press time whether Foley would be replaced at Waterford USA.
Foley said one of the major problems in the past number of years has been the decline in the value of the U.S. dollar, which cost the company more than $132 million in operating profit since 1999. Roughly 70 percent of Waterford’s total sales have been generated in the United States. The company tried to offset that loss by reducing costs and laying off approximately 1,500 workers worldwide. The current global economic crisis has had a “major” impact on business, Foley said.