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Burberry has kicked off the official search for a new chairman to replace Gerry Murphy, Sky News has revealed.
According to insiders, Murphy, who also chairs Tesco, is not expected to step down this year but exact timings have not been decided yet.
The news comes as last summer Sky News reported the luxury retailer had commenced the search for a non-executive director to take over from Murphy, which has now evolved into a hunt for a new chair.
His departure is said to come as Burberry becomes the latest retailer to face uncertainty among increasing tariffs and an international trade war.
The company is currently being run by Joshua Schulman, who replaced Jonathan Akeroyd who left in July.
A spokesperson from Burberry told Sky News: “In the normal course of business, we look at succession planning for board roles as they reach term.”
Burberry has been contacted for comment.
