Luxury fashion brand Burberry is on the search for a new board member to potentially take over from its current chairman, Gerry Murphy. The company, which recently announced the departure of its chief executive, is working with headhunters to identify two new non-executive candidates who could potentially succeed Mr Murphy. Although a definitive timeline for his departure has not been established, sources have revealed that the search process is essentially an “indirect hunt” for his successor.
According to a luxury goods insider, Burberry has made it clear that they are looking for the right person to fill the role. This move follows the appointment of former Jimmy Choo boss Joshua Schulman as the company’s new CEO, in hopes that he can turn around the struggling brand. Burberry, a well-known luxury brand in Britain, has been facing a decline in its fortunes, with its market value dropping to just over £2.5bn. Mr Murphy, who also chairs Tesco, has been leading the Burberry board since 2018.
However, Burberry is not the only luxury goods company facing challenges. Its larger rival, LVMH, recently reported slower-than-expected sales. This news comes on the heels of Burberry’s latest profit warning, which was announced alongside the departure of its CEO, Jonathan Akeroyd. As a result, shares in Burberry closed at £7.04 on Wednesday, marking a 16% decline from the day of the management overhaul.
Burberry’s search for a new board member is a crucial step in its efforts to revitalize the brand and regain its position in the luxury goods sector. The company remains committed to finding the right candidate who can help lead Burberry towards a more successful future.
