Burberry Group plc (LON:BRNY) has announced the appointment of Jonathan Akeroyd as Chief Executive Officer and Executive Director, effective 1 April 2022.
A British national, Jonathan, 54, is currently Chief Executive Officer of Milan-based Gianni Versace SpA, a position he has held since June 2016. In his tenure at Versace, Jonathan has reorganised and accelerated growth at the iconic Italian fashion house, building on the brand’s rich creative heritage to elevate product, communications and the customer experience.
Jonathan was previously Chief Executive Officer of Alexander McQueen from 2004 to 2016, during which time he led a turnaround of the British luxury brand and laid the foundation for global expansion. He has also held a number of senior fashion roles at London-based luxury department store Harrods. Jonathan will join Burberry on 1 April 2022 and will report to Chair Gerry Murphy and the Board of Directors.
Jonathan Akeroyd said:
“I am honoured to be joining Burberry as Chief Executive Officer. I have long admired Burberry’s position as the most iconic British luxury brand and I have a deep affection for its storied heritage. I am looking forward to returning to London where I first built my career in the luxury industry to join a talented team with ambitious plans for the future and a strong platform to accelerate growth.”
Jonathan will succeed Marco Gobbetti as Burberry Chief Executive Officer. Marco will step down from the role and leave Burberry on 31 December 2021. Gerry Murphy will chair the Executive Committee from this date until Jonathan joins Burberry.
This announcement contains information that qualified or may have qualified as inside information and is disclosed in accordance with the Market Abuse Regulation (EU) 596/2014 (“MAR”). For the purposes of MAR, this announcement is made by Gemma Parsons, Company Secretary.
There are no other matters to be disclosed under listing rule 9.6.13R in relation to Jonathan’s appointment.
Jonathan’s remuneration arrangements have been set in accordance with the Directors’ Remuneration Policy approved by shareholders at the AGM on 15 July 2020.
This will include a salary of £1,100,000 per annum and an annual cash benefits allowance of £50,000. Jonathan will be eligible for a target bonus of 100% of salary and maximum of 200% of salary and a Burberry Share Plan award of 162.5% of salary. His pension entitlement will align with arrangements for the majority of the UK workforce.
Jonathan will also be granted cash and share awards which are due to vest in FY 2021/22, 2022/23, 2023/24 and 2024/25 to compensate for share and cash incentives from his current employer that he will forfeit on joining Burberry. The aggregate value of the buyout awards is approximately £6 million. These buyout awards are in line with the type of award, amount and deferral schedule of the awards being forfeited by Jonathan, full details of which will be disclosed in Burberry’s FY 2021/22 Annual Report.
Gerry Murphy, Chair of Burberry Group commented:
“I am delighted that Jonathan Akeroyd will be joining Burberry as our next Chief Executive Officer. Jonathan is an experienced leader with a strong track record in building global luxury fashion brands and driving profitable growth. He shares our values and our ambition to build on Burberry’s unique British creative heritage and his deep luxury and fashion industry expertise will be key to advancing the next phase of Burberry’s evolution.”