Burberry Group plc (LON:BRBY) has announced today the appointment of Kate Ferry as Chief Financial Officer and Executive Director.
Kate, who will join early September 2023 at the latest, will have responsibility for Finance and Business Services functions and will become a member of the Board and Executive Committee, reporting to Chief Executive Officer Jonathan Akeroyd.
Kate is currently Chief Financial Officer of McLaren Group where she has overseen financial strategy and investor relations and has supported the broader strategic development of the company over the past two years. Prior to McLaren, Kate was Group Chief Financial Officer of TalkTalk Telecom Group PLC from 2017 to 2021. She is also currently an independent non-executive director of Greggs plc.
Kate will succeed Julie Brown, currently Chief Operating and Financial Officer. As announced on 23 September 2022, Julie will leave the company on 1 April 2023 after more than six years with the company. Ian Brimicombe, currently SVP, Specialist Finance and Projects at the company, has been appointed Interim Chief Financial Officer from 2 April 2023 and will join its Executive Committee from that date.
Jonathan Akeroyd, CEO said: “I am very pleased to announce Kate’s appointment as Chief Financial Officer. Kate has extensive experience of public markets, business transformation and development and an excellent understanding of the luxury industry. She is a strong addition to our leadership team and I am excited about her joining to support this next phase of Burberry’s development.”
Gerry Murphy, Chair, said: “I’m delighted that Jonathan has recruited Kate to our top team. I’m very confident that she has the energy and experience to support the delivery of our ambitious plan, announced last November by Jonathan, to realise Burberry’s potential in Modern British Luxury. I also want to take this opportunity to thank Julie for her professionalism and her enormous contribution to Burberry’s progress over the last six years, and to wish her every success in her new role.”
Kate Ferry said: “I am thrilled to be joining Burberry at such an exciting time in the company’s development. I look forward to working closely with Jonathan and the rest of the Burberry leadership team to help realise the full potential of this iconic British luxury brand.”
About Kate Ferry
Kate began her career with PricewaterhouseCoopers in London and qualified as a Chartered Accountant in 1998. She then moved to Merrill Lynch where she became a director within the retail sector equity research team, participating in numerous IPOs including that of Burberry.
After almost 10 years in banking, Kate joined retail telecoms group Carphone Warehouse PLC as Corporate Affairs Director, where she became a member of the Executive Committee following the multi-billion pound merger of Carphone with Dixons Retail to form Dixons Carphone PLC.
Kate moved to be Group Chief Financial Officer of TalkTalk Telecom Group PLC in 2017 before joining McLaren Group as Chief Financial Officer in 2021.
Kate’s remuneration arrangements have been set in accordance with the Directors’ Remuneration Policy approved by shareholders at the AGM on 15 July 2020.
They include a salary of £675,000 per annum and an annual cash benefits allowance of £20,000. Her pension entitlement will be 10% of base salary. A minimum shareholding requirement of 300% of base salary will apply during Kate’s employment and for a period of two years after she leaves.
Kate will be eligible for a target bonus of 100% of salary and a maximum bonus of 200% of salary and a Burberry Share Plan award of 150% of salary. If she is able to join the company earlier than expected she may participate in the FY 2023/24 bonus and BSP without any pro-rating in lieu of remuneration forfeited on leaving her current employer.
Kate will also receive two cash bonus awards payable in FY 2023/24 and 2024/25 to compensate for cash incentives from her current employer that she is expected to forfeit on joining the Company. The aggregate maximum value of these buyout awards is approximately £1.56m. Full details will be disclosed in BRBY’s FY 2022/23 Annual Report.