Burberry begins hunt for chair’s successor
Overall, the luxury goods market has struggled especially as a result of weakened demand from the Chinese market
Burberry is reportedly seeking a new board member who could replace incumbent chair Gerry Murphy, according to reports from Sky News.
The company is reportedly working with headhunters to identify two new non-executives who would be contenders to replace Murphy.
A definitive timetable for his successor has not been laid out but sources told Sky that the search process was effectively an “indirect hunt” for a replacement.
A luxury goods insider told Sky that “They [Burberry] have been pretty explicit that the job is available for the right person”.
This news comes after Burberry issued a profit warning with its latest set of results and its value dropped to just over £2.5bn.
Alongside the poor results, Burberry announced that it had replaced CEO Jonathan Akeroyd with former Jimmy Choo boss Joshua Schulman.
Burberry is hoping that these moves will be able to turn around the struggling British retailer.
Overall, the luxury goods market has struggled especially as a result of weakened demand from the Chinese market.
LVMH, the much larger rival of Burberry, also reported slower than expected sales this week showing that Burberry is not alone in the struggle.
Burberry has been contacted for comment.
