Luxury fashion brand Burberry said on Monday that chief executive officer Marco Gobbetti plans to step down at the end of the year to take up another opportunity that will allow him to return to Italy and be closer to his family.
Burberry said it will now begin the search for a successor and that Gobbetti, who was in the role for nearly five years, will remain with the company until the end of the calendar year. In that time, he will work with chairman Gerry Murphy to provide full support to the executive leadership team on an orderly transition.
Murphy said: “I would like to thank Marco for his partnership and the immense contribution he has made to Burberry. He has had a transformative impact and established a clearly-defined purpose and strategy, an outstanding team and strong brand momentum.
“The board and I are naturally disappointed by Marco’s decision but we understand and fully respect his desire to return to Italy after nearly 20 years abroad. With the execution of our strategy on track and our outlook unchanged, we are determined to build on Burberry’s strong foundations to accelerate growth and deliver further value for our shareholders.”
