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Burberry Replaces CEO And Top Execs As Sales Continue To Plummet

Burberry Replaces CEO And Top Execs As Sales Continue To Plummet

Burberry is swapping its CEO along with other top execs as sales continue to slide in key markets like the US and Greater China.

Current CEO Christopher Bailey (pictured) will be replaced by Céline CEO Marco Gobbetti sometime next year, and investors are pleased with the move. Burberry’s shares have shot up more than 4% since the news broke. That’s likely because within Bailey’s two-year reign Burberry's shares have dropped drop 22%, the Wall Street Journal reports.

Bailey will stay on as creative chief and president—a newly created role, and Julie Brown from Smith & Nephew will take over as CFO in 2017, replacing Carol Fairweather. [WSJ]