Burberry’s leadership transition is set to begin this month, with Marco Gobbetti initially joining in the role of executive chairman for the Asia-Pacific and Middle East before becoming chief executive in July.
The luxury British fashion retailer first announced Gobbetti’s appointment last year and today Burberry said he will join the company on January 27, but it won’t be until July 5 that he will move into the chief executive role and join the board.
Meanwhile, current chief executive Christopher Bailey will “transition to the new role” of president and chief creative officer, but will remain on the board.
Both Bailey and Gobbetti will report to Chairman Sir John Peace.
Burberry has also confirmed that Julie Brown will start on January 18 as chief operating and financial officer, replacing John Smith and Carol Fairweather.
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While Fairweather will step down from her role as chief financial officer and from the board, Smith will transition from his role as chief operating officer but will remain on the board until he leaves the retailer later this year.
Burberry’s leadership changes are part of the retailer’s strategy to halt falling profits and slowing growth.
Last May, the group said it would slash £100 million in costs to help offset difficult trading after reporting a 10 per cent fall in full-year profits.
As a result, Bailey saw his pay cheque plunge by 75 per cent from £7.5 million to £1.9 million after he lost out on a bonus due to Burberry missing its profit targets.
However, the iconic British label is expected to record a boost in sales thanks to the collapse in the value of the pound when it releases its trading updater later this week.