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Clothing & Shoes

Burberry CEO to step down

The board will now begin the search for his successor and anticipate that Marco Gobbetti will remain with the retailer until the end of the calendar year

Burberry has announced that Marco Gobbetti will step down as CEO and leave the company after nearly five years at the helm.

The board will now begin the search for his successor and anticipate that Gobbetti will remain with the retailer until the end of the calendar year.

In that time, he will work with chairman Gerry Murphy to provide full support to the executive leadership team on an orderly transition.

Additionally Gobbetti will be treated in accordance with Burberry’s approved remuneration policy and his service contract for the remaining term of his employment.

He said: “With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down. I would like to thank my colleagues as well as Gerry and the board for their partnership.

“I am fully committed to supporting them through the transition and I have every confidence that the creativity and strong values that define Burberry will continue to drive the company’s future success.”

Murphy added: “I would like to thank Marco for his partnership and the immense contribution he has made to Burberry.

“The board and I are naturally disappointed by Marco’s decision but we understand and fully respect his desire to return to Italy after nearly 20 years abroad. With the execution of our strategy on track and our outlook unchanged, we are determined to build on Burberry’s strong foundations to accelerate growth and deliver further value for our shareholders.”

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