Burberry Group PLC has announced the appointment of Joshua Schulman as the new Chief Executive Officer and Executive Director, replacing Jonathan Akeroyd, who is stepping down by mutual agreement with the Board. Schulman, an American national, brings a wealth of experience in driving transformative growth and value creation in global luxury, fashion, and retail businesses. He has previously held leadership positions at Michael Kors, Coach, Neiman Marcus Group, Jimmy Choo, Yves Saint Laurent, and Gucci.
Schulman is set to join Burberry on July 17, 2024, and will be based at the company's headquarters in London. He will lead the Executive Committee and report to Burberry Chair Gerry Murphy and the Board of Directors. Murphy expressed his confidence in Schulman, stating that his extensive experience in luxury and fashion will be key to realizing Burberry's full potential. Schulman also expressed his excitement about joining Burberry, emphasizing the brand's unique creative heritage and its relevance in today's world.
In terms of remuneration, Schulman's arrangements have been set in accordance with the Directors' Remuneration Policy approved by shareholders at the AGM on July 12, 2023. His salary will be £1,200,000 per annum, and he will be eligible for a target bonus of 100% of salary and a maximum of 200% of salary, along with a Burberry Share Plan award of 162.5% of salary. Additionally, the company will cover the costs associated with his relocation from New York to London.
As a result of this change, Jonathan Akeroyd's departure will be treated in accordance with the Directors' Remuneration Policy and his service contract. He will not be eligible for a bonus for the current financial year, and all unvested share awards will lapse in full. The company has withdrawn resolution 5 to re-elect Jonathan Akeroyd as a director of the Company from the Notice of the Annual General Meeting 2024.
Overall, Burberry's appointment of Joshua Schulman as CEO marks a significant change in leadership, with the company expressing confidence in his ability to drive global growth and build on the brand's unique heritage.