REG - Burberry Group PLC - Board Change

BurberryAnnouncement

15/03/2023 07:15

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RNS Number : 9807S  Burberry Group PLC  15 March 2023

BURBERRY GROUP PLC

("Burberry" or the "Company")

BOARD CHANGE

 

KATE FERRY APPOINTED BURBERRY CHIEF FINANCIAL OFFICER

 

 

Burberry today announces the appointment of Kate Ferry as Chief Financial
Officer and Executive Director.

 

Kate, who will join Burberry by early September 2023 at the latest, will have
responsibility for Finance and Business Services functions and will become a
member of Burberry's Board and Executive Committee, reporting to Chief
Executive Officer Jonathan Akeroyd.

 

Kate is currently Chief Financial Officer of McLaren Group where she has
overseen financial strategy and investor relations and has supported the
broader strategic development of the company over the past two years. Prior
to McLaren, Kate was Group Chief Financial Officer of TalkTalk Telecom Group
PLC from 2017 to 2021. She is also currently an independent non-executive
director of Greggs plc.

 

Kate will succeed Julie Brown, currently Burberry Chief Operating and
Financial Officer. As announced on 23 September 2022, Julie will leave
Burberry on 1 April 2023 after more than six years with the company. Ian
Brimicombe, currently SVP, Specialist Finance and Projects at Burberry, has
been appointed Interim Chief Financial Officer from 2 April 2023 and will join
Burberry's Executive Committee from that date.

 

Jonathan Akeroyd, CEO of Burberry, said: "I am very pleased to announce Kate's
appointment as Chief Financial Officer. Kate has extensive experience of
public markets, business transformation and development and an excellent
understanding of the luxury industry. She is a strong addition to our
leadership team and I am excited about her joining to support this next phase
of Burberry's development."

 

Gerry Murphy, Chair of Burberry, said: "I'm delighted that Jonathan has
recruited Kate to our top team. I'm very confident that she has the energy and
experience to support the delivery of our ambitious plan, announced last
November by Jonathan, to realise Burberry's potential in Modern British
Luxury. I also want to take this opportunity to thank Julie for her
professionalism and her enormous contribution to Burberry's progress over the
last six years, and to wish her every success in her new role."

 

Kate Ferry said: "I am thrilled to be joining Burberry at such an exciting
time in the company's development. I look forward to working closely with
Jonathan and the rest of the Burberry leadership team to help realise the full
potential of this iconic British luxury brand."

 

This announcement is made in accordance with Listing Rule 9.6.11R (1). There
are no other matters to be disclosed under listing rule 9.6.13R in relation to
Kate's appointment.

 

Additional Information

 

Chief Financial Officer Responsibilities

 

Finance and Business Services functions comprise Investor Relations, Internal
Audit and Risk Management, Business Continuity, Burberry Business Services,
Finance, Insurance, Tax, Treasury and Trade Compliance.

 

 

About Kate Ferry

 

Kate began her career with PricewaterhouseCoopers in London and qualified as a
Chartered Accountant in 1998. She then moved to Merrill Lynch where she became
a director within the retail sector equity research team, participating in
numerous IPOs including that of Burberry.

 

After almost 10 years in banking, Kate joined retail telecoms group Carphone
Warehouse PLC as Corporate Affairs Director, where she became a member of the
Executive Committee following the multi-billion pound merger of Carphone with
Dixons Retail to form Dixons Carphone PLC.

 

Kate moved to be Group Chief Financial Officer of TalkTalk Telecom Group PLC
in 2017 before joining McLaren Group as Chief Financial Officer in 2021.

 

Remuneration arrangements

 

Kate's remuneration arrangements have been set in accordance with the
Directors' Remuneration Policy approved by shareholders at the AGM on 15 July
2020.

 

They include a salary of £675,000 per annum and an annual cash benefits
allowance of £20,000. Her pension entitlement will be 10% of base salary. A
minimum shareholding requirement of 300% of base salary will apply during
Kate's employment and for a period of two years after she leaves Burberry.

 

Kate will be eligible for a target bonus of 100% of salary and a maximum bonus
of 200% of salary and a Burberry Share Plan ("BSP") award of 150% of salary.
If she is able to join Burberry earlier than expected she may participate in
Burberry's FY 2023/24 bonus and BSP without any pro-rating in lieu of
remuneration forfeited on leaving her current employer.

 

Kate will also receive two cash bonus awards payable in FY 2023/24 and 2024/25
to compensate for cash incentives from her current employer that she is
expected to forfeit on joining Burberry. The aggregate maximum value of these
buyout awards is approximately £1.56m. Full details will be disclosed in
Burberry's FY 2022/23 Annual Report.

 

15 March 2023

 

 

Enquiries

 

 Investors and analysts
 Julian Easthope   VP, Investor Relations                                          020 3367 4458

                                                                                   Julian.Easthope@burberry.com

  Media
  Andrew Roberts   SVP, Corporate Relations and Engagement  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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