LONDON – Burberry has named Joshua Schulman chief executive officer, replacing Jonathan Akeroyd who is leaving the company with immediate effect and by mutual agreement with the board.
Schulman, 52, joins Burberry “with a track record of driving transformative growth and value creation as CEO of global luxury, fashion, and retail businesses,” said Burberry, which has been battling the slowdown in luxury sales, and seeking to reposition the company at a higher end of the market.
Schulman was previously CEO of Michael Kors and Coach where he also served as brand president. Prior to that, at Neiman Marcus Group, he was president of Bergdorf Goodman for five years.
You May Also Like
From 2007 to 2012, Joshua was CEO of Jimmy Choo in London. Earlier, he was executive vice president worldwide merchandising and sales at Yves Saint Laurent and worldwide director women’s ready-to-wear at Gucci.
He will join Burberry on July 17, and be based at the company’s headquarters here. He will lead the executive committee and report to Burberry chair Gerry Murphy and the board of directors.
Murphy said: “I am pleased that Josh will be joining Burberry as our new CEO. 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 realizing 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,” he added.
Schulman said: “I am deeply honored to join Burberry as CEO. 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 [creative director] Daniel Lee and the talented teams to drive global growth, delight our customers, and write the next chapter of the Burberry story,” he added.
Schulman’s remuneration arrangements have been set in accordance with the directors’ remuneration policy approved by shareholders, Burberry said.
His salary will be 1,200,000 pounds per annum and he will be eligible for a target bonus of 100 percent of salary and maximum of 200 percent of salary and a Burberry share plan award of 162.5 percent of salary.
Akeroyd, the company added, will not be eligible for a bonus for the current financial year and all unvested share awards will lapse in full.
