Burberry chief to step down after five years
Marco Gobbetti had led a push to make the brand more upmarket
British luxury group Burberry is to begin the search for a new chief executive after Marco Gobbetti said he would step down after five years in the role.
The company announced on Monday that Gobbetti, who has led a push to make the brand more upmarket, would leave at the end of this year to return to Italy.
“With Burberry re-energised and firmly set on a path to strong growth, I feel that now is the right time for me to step down,” Gobbetti said in a statement.
Burberry chair Gerry Murphy said that the board was “naturally disappointed by Marco’s decision but we understand and fully respect his desire to return to Italy after nearly 20 years abroad”.
Share awards that are unvested by the time Gobbetti leaves will lapse and no more will be granted, the company said.