Burberry has kicked off the recruitment process to hire a new chair.
The luxury fashion brand is working with headhunters to find a successor to Gerry Murphy, who has chaired the company since 2017, Sky News reported.
It is understood that Murphy, who also chairs Tesco, will not step down this year but exact timings have yet to be confirmed.
Related Story
The news follows reports last summer that Burberry was looking for a non-executive director to take over from Murphy.
Sources said this has evolved into a more straightforward search for a new chair.
A spokesperson for Burberry told the publication: “In the normal course of business, we look at succession planning for board roles as they reach term.”
Earlier this year, Burberry reported a smaller than expected 7% decline in third-quarter retail revenue as it continues its strategic transformation to drive long-term growth.
Despite the challenges in key markets, the luxury retailer saw a 4% increase in sales across the Americas, helping offset declines in the Asia Pacific and EMEIA regions, where sales fell by 9% and 2%, respectively.
Click here to sign up to Retail Gazette‘s free daily email newsletter
