REG - Burberry Group PLC - Board Change

BurberryAnnouncement

15/07/2024 07:00

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RNS Number : 3173W  Burberry Group PLC  15 July 2024

15 July 2024

BURBERRY GROUP PLC

("Burberry" or the "Company")

 

BOARD CHANGE

 

Burberry today announces the appointment of Joshua Schulman as Chief Executive
Officer and Executive Director. Joshua replaces Jonathan Akeroyd who is
stepping down and leaving the Company with immediate effect by mutual
agreement with the Board.

An American national, Joshua, 52, joins Burberry with a track record of
driving transformative growth and value creation as CEO of global luxury,
fashion, and retail businesses.

Joshua was previously CEO of American fashion brands Michael Kors (2021-2022)
and Coach where he also served as Brand President (2017-2020). Prior to this,
at Neiman Marcus Group, he was President of Bergdorf Goodman for five years.
From 2007 to 2012, Joshua was CEO of Jimmy Choo in London. Earlier, Joshua was
Executive Vice President/ Worldwide Merchandising and Sales at Yves Saint
Laurent and Worldwide Director/ Women's Ready To Wear at Gucci.

Joshua will join Burberry on 17 July 2024 and be based at the Company's
headquarters in London. He will lead the Executive Committee and report to
Burberry Chair Gerry Murphy and the Board of Directors.

Gerry Murphy commented: "I am pleased that Josh will be joining Burberry as
our new Chief Executive Officer. Josh is a proven leader with an outstanding
record of building global luxury brands and driving profitable growth. He has
a strong understanding of our brand and shares our ambition to build on
Burberry's unique creative heritage. His extensive experience in luxury and
fashion will be key to realising Burberry's full potential."

"I would like to take this opportunity to thank Jonathan Akeroyd for the
contribution he has made to Burberry. Jonathan has set out a clear strategy
for growth that we will build on."

Joshua Schulman commented: "I am deeply honoured to join Burberry as Chief
Executive Officer. Burberry is an extraordinary luxury brand, quintessentially
British, equal parts heritage and innovation. Its original purpose to protect
people from the weather is more relevant than ever. I look forward to working
alongside Daniel Lee and the talented teams to drive global growth, delight
our customers, and write the next chapter of the Burberry story."

This announcement contains information that qualified or may have qualified as
inside information for the purposes of the Market Abuse Regulation (EU)
596/2014 as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"). For the purposes of MAR, the person responsible
for the release of this announcement on behalf of Burberry is Gemma Parsons,
Company Secretary.

There are no other matters to be disclosed under listing rule 9.6.13R in
relation to Joshua's appointment.

Additional information

About Joshua Schulman

·      As CEO and Brand President of Coach, Joshua led a brand
transformation focused on global cultural relevance, product innovation and
digital growth, resulting in an inflection in sales and operating income.

·      At Neiman Marcus Group, he was President of Bergdorf Goodman
where he energised the New York retailer by renovating the landmark flagship
while driving digital growth. Concurrently, he spearheaded the acquisition of
MyTheresa.com.

·      As CEO of Jimmy Choo, Joshua led the evolution of the shoe
specialist into a global luxury brand.  With a strategy of icons and
innovation, he expanded the company's global footprint, growing sales and
EBITDA 4X in five years.

·      Joshua has also been on the board of Zimmermann, the Australian
luxury brand and was a non-executive director of Farrow & Ball, the
UK-based luxury paint and wall covering brand.

·      Joshua attended New York University and Parsons School of
Design.

·      Originally from Los Angeles, he is relocating to London from New
York City.

 

Remuneration Arrangements

Joshua Schulman's remuneration arrangements have been set in accordance with
the Directors' Remuneration Policy approved by shareholders at the AGM on 12
July 2023. His salary will be £1,200,000 per annum and he 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. On joining, he
will be granted a recruitment share award of 300% of salary which is due to
vest three years from his commencement date subject to a two-year holding
period based on achieving performance conditions linked to shareholder value
creation. The Company will also pay his costs associated with his relocation
from New York. Full details will be disclosed in Burberry's FY 2024/25 Annual
Report.

 

 

Jonathan Akeroyd's departure will be treated in accordance with the Directors'
Remuneration Policy and his service contract. He will not be eligible for a
bonus for the current financial year and all unvested share awards will lapse
in full. Full details will be disclosed on Burberry's website in compliance
with Section 430(2B) of the Companies Act 2006 and in the Directors'
Remuneration Report within the Company's Annual Report and Accounts for the
year ended March 2025.

Annual General Meeting

As the Company's notice of Annual General Meeting 2024 (the "Notice") has
already been issued, the Company confirms that resolution 5 to re-elect
Jonathan Akeroyd as a director of the Company is now withdrawn. The withdrawal
of this resolution does not otherwise affect the validity of the Notice, the
proxy form or any proxy votes already submitted or any other resolutions. The
numbering of all other resolutions proposed at the Annual General Meeting will
remain unchanged. Any votes already cast in relation to resolution 5 are of no
effect.

ENQUIRIES

 Investors and analysts                                   020 3367 3524
 Lauren Wu Leng  Head of Investor Relations               lauren.wuleng@burberry.com
 Media                                                    020 3367 3764
 Andrew Roberts  SVP, Corporate Relations and Engagement  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 a British luxury brand, headquartered in London

·        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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