Burberry CFO Resigns; Brand Names New COO

Burberry CFO Resigns; Brand Names New COO

Burberry, the British luxury clothing company, has announced the departure of chief financial officer Stacey Cartwright and the creation of the new chief operating officer role.

Ms Cartwright is leaving after nine years at the company "to pursue new interests" and will be replaced by Burberry insider Carol Fairweather, the company said in a statement on Thursday.

Alongside her departure, Burberry said John Smith, chief executive of BBC Worldwide from 2005 to 2012, would become chief operating officer to "support the next phase of growth".

Shares in Burberry dropped 3.5pc after the announcement.

Mr Smith will focus on driving the retailer's presence in digital media and mobile technology, the company said, as well as looking to save costs and reallocate resources.

Ms Fairweather, who will take over from July, has been with the fashion group for six years. She previously worked at News Corp's British newspaper arm, News International.

Burberry shocked investors last September when it warned of a slowdown in spending, especially in the key luxury goods markets of Asia. Recent statements have been more positive and sales over Christmas beat expectations.

Source: The Telegraph