Burberry is scouting potential replacements for Murphy as its new chairperson.
New Chairman Hunt: Burberry Shifts Gears
Here's a bit of hot gossip from the fashion world - Burberry is on the hunt for a new chairman! Yup, that's right. After installing yet another CEO to revive the luxury brand, they're now scouting for Gerry Murphy's successor.
Now, hold your horses. Murphy ain't quittin' this year, but the departure plan is in motion, bucko. Insiders are silent on the exact date, though.
Last summer, rumors circulated that the british luxury label was on the lookout for a non-executive director to take over from Murphy eventually. But it seems that plan has morphed into a more straightforward hunt for a new chairman, sources suggest.
With the international trade war stirring up confusion on swingeing tariffs, Burberry joins other luxury goods manufacturers in the struggle. The brand is currently led by Joshua Schulman, the ex-Jimmy Choo boss, who took the reins last July when the company was struggling.
Schulman stepped in to replace Jonathan Akeroyd who bowed out following a string of profit warnings. Burberry shares closed on Tuesday at 738.8p, boasting a market value of about £2.6bn. However, the stock has dropped by more than a third over the past year.
A Burberry spokesperson said: "As part of our business, we always consider succession planning for board roles as they reach term."
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Keep an eye on this space for updates on the new chairman hunt and other fashion industry happenings!
- The new chairman of Burberry, following the departure of Gerry Murphy, is expected to face challenges due to the ongoing international trade war, with the brand joining other luxury goods manufacturers contending with swinging tariffs.
- The newly appointed chairman's tenure at Burberry will take over from the current CEO, Joshua Schulman, who replaced Jonathan Akeroyd after a series of profit warnings and the stock dropping by more than a third over the past year.
- As Burberry looks to the future with a search for a new chairman, the fashion industry is also paying attention to other factors, such as the record high food inflation that requires constant attention and potential impacts on businesses.
- In light of Burberry's new chairman hunt, the finance and business world will be closely monitoring the brand's progress amidst the challenging conditions within the luxury goods industry and the broader economic uncertainties.
