Burberry poaches new boss from Versace
Jonathan Akeroyd is the new man in charge at Burberry.
The Versace boss and former head of Alexander McQueen will step into the CEO role at the 165-year-old British group from next April
His appointment ends months of uncertainty at Burberry, which had been searching for a replacement for Marco Gobbetti since June.
He announced a shock departure mid-way into a multi-year turnaround plan to take the brand further upmarket.
Burberry shares, which have extended losses since the announcement of Gobbetti's departure, were up slightly Wednesday (October 20).
The brand, which is known for its iconic trench coats, said the 54-year-old was the right choice to build on its creative heritage.
Akeroyd accelerated growth during his five years at Versace, and oversaw its sale to U.S. group Michael Kors, now known as Capri Holdings, in 2018.
Burberry says he will earn an annual salary of $1.5 million plus bonuses, and be compensated for payments he forfeited by leaving Versace.
