Burberry checks out contenders to exchange Murphy as chairman

Burberry is kicking off a proper seek for a brand new chairman almost a 12 months after putting in the newest in a string of chief executives charged with reviving the posh vogue model.

Sky Information understands that Burberry is working with headhunters on a hunt for Gerry Murphy’s successor.

Mr Murphy, who additionally chairs Tesco, just isn’t anticipated to step down this 12 months, though the exact timing has but to be formally decided, in keeping with insiders.

Final summer time, Sky Information reported that Burberry had commenced a seek for a non-executive director able to taking on from Mr Murphy sooner or later.

Planning for his departure comes as Burberry and different luxurious items producers grapple with the uncertainty of swingeing tariffs amid an escalating worldwide commerce warfare.

The corporate is now being run by Joshua Schulman, the previous Jimmy Choo boss, who was drafted in final July to arrest its decline.

Mr Schulman changed Jonathan Akeroyd, who left within the wake of a string of revenue warnings.

Shares in Burberry closed on Tuesday at 738.8p, giving it a market worth of about £2.6bn.

The inventory is down by greater than a 3rd over the past 12 months.

A spokesperson for Burberry mentioned: “Within the regular course of enterprise, we have a look at succession planning for board roles as they attain time period.”