Burberry Group PLC Board Change (6066P)
October 20 2021 - 1:00AM
UK Regulatory
TIDMBRBY
RNS Number : 6066P
Burberry Group PLC
20 October 2021
BURBERRY GROUP PLC
("Burberry" or the "Company")
BOARD CHANGE
BURBERRY APPOINTS JONATHAN AKEROYD AS CHIEF EXECUTIVE
OFFICER
Burberry today announces the appointment of Jonathan Akeroyd as
Chief Executive Officer and Executive Director, effective 1 April
2022.
A British national, Jonathan, 54, is currently Chief Executive
Officer of Milan-based Gianni Versace SpA, a position he has held
since June 2016. In his tenure at Versace, Jonathan has reorganised
and accelerated growth at the iconic Italian fashion house,
building on the brand's rich creative heritage to elevate product,
communications and the customer experience.
Jonathan was previously Chief Executive Officer of Alexander
McQueen from 2004 to 2016, during which time he led a turnaround of
the British luxury brand and laid the foundation for global
expansion. He has also held a number of senior fashion roles at
London-based luxury department store Harrods. Jonathan will join
Burberry on 1 April 2022 and will report to Chair Gerry Murphy and
the Board of Directors.
Gerry Murphy, Chair of Burberry commented:
"I am delighted that Jonathan Akeroyd will be joining Burberry
as our next Chief Executive Officer. Jonathan is an experienced
leader with a strong track record in building global luxury fashion
brands and driving profitable growth. He shares our values and our
ambition to build on Burberry's unique British creative heritage
and his deep luxury and fashion industry expertise will be key to
advancing the next phase of Burberry's evolution."
Jonathan Akeroyd said:
"I am honoured to be joining Burberry as Chief Executive
Officer. I have long admired Burberry's position as the most iconic
British luxury brand and I have a deep affection for its storied
heritage. I am looking forward to returning to London where I first
built my career in the luxury industry to join a talented team with
ambitious plans for the future and a strong platform to accelerate
growth."
Jonathan will succeed Marco Gobbetti as Burberry Chief Executive
Officer. Marco will step down from the role and leave Burberry on
31 December 2021. Gerry Murphy will chair the Executive Committee
from this date until Jonathan joins Burberry.
This announcement contains information that qualified or may
have qualified as inside information and is disclosed in accordance
with the Market Abuse Regulation (EU) 596/2014 ("MAR"). For the
purposes of MAR, this announcement is made by Gemma Parsons,
Company Secretary.
There are no other matters to be disclosed under listing rule
9.6.13R in relation to Jonathan's appointment.
Additional information
Remuneration Arrangements
Jonathan's remuneration arrangements have been set in accordance
with the Directors' Remuneration Policy approved by shareholders at
the AGM on 15 July 2020.
This will include a salary of GBP1,100,000 per annum and an
annual cash benefits allowance of GBP50,000. Jonathan will be
eligible for a target bonus of 100% of salary and maximum of 200%
of salary and a Burberry Share Plan award of 162.5% of salary. His
pension entitlement will align with arrangements for the majority
of the UK workforce.
Jonathan will also be granted cash and share awards which are
due to vest in FY 2021/22, 2022/23, 2023/24 and 2024/25 to
compensate for share and cash incentives from his current employer
that he will forfeit on joining Burberry. The aggregate value of
the buyout awards is approximately GBP6 million. These buyout
awards are in line with the type of award, amount and deferral
schedule of the awards being forfeited by Jonathan, full details of
which will be disclosed in Burberry's FY 2021/22 Annual Report.
20 October 2021
Enquiries
Investor and analysts
Julian Easthope VP, Investor Relations
020 3367 4458
Julian.Easthope@burberry.com
Media
Andrew Roberts VP, Corporate Relations
020 3367 3764
Andrew.Roberts@burberry.com
This announcement does not constitute an invitation to
underwrite, subscribe for or otherwise acquire or dispose of any
Burberry Group plc shares, in the UK, or in the US, or under the US
Securities Act 1933 or in any other jurisdiction.
Burberry is listed on the London Stock Exchange (BRBY.L) and is
a constituent of the FTSE 100 index. ADR symbol OTC:BURBY.
BURBERRY, the Equestrian Knight Device, the Burberry Check and
the Thomas Burberry Monogram and Print are trademarks belonging to
Burberry.
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END
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