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Burberry Appoints New CEO Amid Profit Warnings and Share Drop

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Source: CNN
Burberry Appoints New CEO Amid Profit Warnings and Share Drop
Photo: CNN
TL;DR

Burberry is replacing CEO Jonathan Akeroyd with Joshua Schulman after a disappointing quarter where sales dropped over 20%. The company issued a profit warning, scrapped its dividend, and saw its stock fall 17%. Burberry plans to refocus on high-end spenders and launch a new website in August to improve its competitive position and long-term growth.

Topics:business#burberry#business#ceo#luxury-goods#profit-warning#sales-decline
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  1. Burberry CEO is out after company warns about its profit  CNN
  2. Burberry Replaces C.E.O. Amid ‘Disappointing’ Results  The New York Times
  3. UK luxury brand Burberry gets another new boss to take it upmarket  Reuters
  4. Burberry shares drop 15% after the luxury giant issues profit warning and replaces CEO  CNBC
  5. Joshua Schulman Named CEO of Burberry, Replacing Jonathan Akeroyd  WWD

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