Burberry is poised to undergo further senior leadership changes after it confirmed that its long-standing chairman, Sir John Peace, was planning to leave.
Peace has been chair luxury fashion retailer since 2002, and indicated he would be resigning just as new chief executive Marco Gobbetti prepares to take the helm next month.
Meanwhile Christopher Bailey, who had been combining the role of chief executive and chief creative officer, will step aside and become president of iconic British brand.
Peace was forced to defend the decision to combine Bailey’s role as chief creative designer with chief executive after Angela Ahrendts quit in 2013.
He also had to defend the Bailey’s salary package after a controversial annual general meeting in 2014 that saw 52.7 per cent of investors vote against it.
Burberry said preparations to find a successor to Peace are now underway – a month before the retailer’s board meets for its next annual general meeting.
“It is anticipated that a successor will be announced by the end of 2018,” Burberry said.