Burberry has announced that Jeremy Darroch, independent non-executive director and senior independent director, has informed the company that he will not stand for re-election at the company’s AGM on 15 July due to “other executive commitments”.
Darroch joined the board in February 2014 becoming senior independent director on 1 July 2017. He also served as chair of the audit committee from 2016 to 2019.
He currently holds the position of CEO of Sky Group since 2007, after joining the group as CFO three years prior.
The luxury retailer has also announced the appointment of Dame Carolyn McCall, who has been an independent non-executive director since 1 September 2014, and will assume the role of senior independent director with effect from the company’s AGM.
Gerry Murphy, chairman, said: “On behalf of the board, I would like to thank Jeremy for his outstanding contribution to Burberry’s development over the last six years. We shall miss his wisdom and experience and we wish him the very best for the future.”
The news comes as the luxury fashion retailer reported a 27% decrease in like-for-like sales in its fourth quarter results, attributing the loss to the coronavirus pandemic.
The fashion retailer also revealed a 57% drop in operating profit to £189m compared with £437m during the same period last year.
Additionally, in its preliminary results for the year ended 28 March 2020, Burberry reported a 3% decrease in revenues to £2.6bn compared with £2.7bn in the same period last year.
Adjusted operating profit decreased by 1% to £433m compared with £438m in 2019. Meanwhile, pre-tax profit for the year declined by 62% to £169m.