Pierre de Villemejane: Picking up the pieces at Wedgwood

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http://www.independent.co.uk/news/people/profiles/pierre-de-villemejane-picking-up-the-pieces-at-wedgwood-2327159.html

Pierre de Villemejane lists among his interests hunting wild boar in France's Loire Valley and being a huge fan of modern art and sculpture. Indeed, the Frenchman's wife is a painter and sculptor, which seems appropriate for the chief executive of Waterford, Wedgwood and Royal Doulton (WWRD), the holding company behind the world-famous china and crystal brands.

However, there was nothing artistic about the spectacular collapse of the 250-year-old Waterford Wedgwood into receivership in early January 2009 after it buckled under debts of £396m at the peak of the financial crisis.

The US private equity firm KPS Capital Partners revived the company, when it acquired certain assets and its four key brands: Royal Albert, Waterford, Wedgwood and Royal Doulton. It named Mr Villemejane as chief executive of WWRD on the same day in March 2009.

The Frenchman gives an honest assessment of how the maker of Wedgwood pottery and Waterford crystal had lost its way. He says: "I think it was a classic case of a company that had too much debt and it did not take responsibility for the reality of having an infrastructure that was much bigger than the reality of its trading position and its sales level."