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| Burberry faces upheaval as chairman signals departure | Burberry faces upheaval as chairman signals departure |
| (12 days later) | |
| Further boardroom upheaval is under way at Burberry after the luxury fashion brand revealed its long-standing chairman, Sir John Peace, is planning to leave. | Further boardroom upheaval is under way at Burberry after the luxury fashion brand revealed its long-standing chairman, Sir John Peace, is planning to leave. |
| Peace has been chair of the FTSE 100 company since it was spun out of GUS in 2002, and has signalled his departure as the new chief executive prepares to take the helm. | Peace has been chair of the FTSE 100 company since it was spun out of GUS in 2002, and has signalled his departure as the new chief executive prepares to take the helm. |
| Marco Gobbetti will become chief executive next month after being recruited from French luxury rival Céline. His appointment is one of a number of senior management changes at the company, which recently hired Julie Brown from the medical supplies group Smith & Nephew as chief operating officer and chief financial officer. | Marco Gobbetti will become chief executive next month after being recruited from French luxury rival Céline. His appointment is one of a number of senior management changes at the company, which recently hired Julie Brown from the medical supplies group Smith & Nephew as chief operating officer and chief financial officer. |
| Burberry's Bailey to get £10.5m in shares when he checks out as CEO | Burberry's Bailey to get £10.5m in shares when he checks out as CEO |
| Once Gobbetti takes over, Christopher Bailey, who had been combining the role of chief executive and chief creative officer, will become president of the business, renowned for its trenchcoats and distinctive check patterns. | Once Gobbetti takes over, Christopher Bailey, who had been combining the role of chief executive and chief creative officer, will become president of the business, renowned for its trenchcoats and distinctive check patterns. |
| It not clear whether the departure of 68-year-old Peace from Burberry will mark the end of a long career in the boardrooms of some of the UK’s biggest companies. At one point, he chaired three FTSE 100 businesses – Burberry, the credit-checking company Experian and Standard Chartered bank. | It not clear whether the departure of 68-year-old Peace from Burberry will mark the end of a long career in the boardrooms of some of the UK’s biggest companies. At one point, he chaired three FTSE 100 businesses – Burberry, the credit-checking company Experian and Standard Chartered bank. |
| At Burberry, he was forced to defend the decision to combine Bailey’s role as chief creative designer with chief executive after Angela Ahrendts quit to run Apple’s retail operations in 2013. He also had to defend the pay arrangements after a bruising annual general meeting in 2014 when 52.7% of investors rebelled against Bailey’s pay deal. | At Burberry, he was forced to defend the decision to combine Bailey’s role as chief creative designer with chief executive after Angela Ahrendts quit to run Apple’s retail operations in 2013. He also had to defend the pay arrangements after a bruising annual general meeting in 2014 when 52.7% of investors rebelled against Bailey’s pay deal. |
| The announcement that preparations for his replacement are under way comes before next month’s AGM. This year, the company has attempted to appease investor anger by reducing overall pay deals. | The announcement that preparations for his replacement are under way comes before next month’s AGM. This year, the company has attempted to appease investor anger by reducing overall pay deals. |
| The search for Peace’s successor will be led by Jeremy Darroch, the chief executive of Sky who on Wednesday was named as senior independent director (SID) of Burberry. | The search for Peace’s successor will be led by Jeremy Darroch, the chief executive of Sky who on Wednesday was named as senior independent director (SID) of Burberry. |
| In a stock market announcement, Burberry said Darroch was taking over the crucial non-executive role from Phillip Bowman, who is leaving the board in October after joining in 2002. | In a stock market announcement, Burberry said Darroch was taking over the crucial non-executive role from Phillip Bowman, who is leaving the board in October after joining in 2002. |
| “It will be the responsibility of Jeremy Darroch as the newly appointed SID to lead the process of appointing a successor to Sir John Peace. It is anticipated that a successor will be announced by the end of 2018,” Burberry said. | “It will be the responsibility of Jeremy Darroch as the newly appointed SID to lead the process of appointing a successor to Sir John Peace. It is anticipated that a successor will be announced by the end of 2018,” Burberry said. |
| Burberry's sales growth slows despite 'exceptional' UK performance | Burberry's sales growth slows despite 'exceptional' UK performance |
| Peace had a particularly bruising year in 2014; he left the board of Experian and ran into a corporate governance row when he was replaced by the chief executive, usually frowned upon by investors. As well as the revolt over pay at Burberry, there was another at Standard Chartered. He left there last year, after a tumultuous period during which the chief executive and four other directors all left the troubled emerging markets-focused bank. | Peace had a particularly bruising year in 2014; he left the board of Experian and ran into a corporate governance row when he was replaced by the chief executive, usually frowned upon by investors. As well as the revolt over pay at Burberry, there was another at Standard Chartered. He left there last year, after a tumultuous period during which the chief executive and four other directors all left the troubled emerging markets-focused bank. |
| Knighted in 2011 for services to business and the voluntary sector, Peace made his name at GUS, once known as Great Universal Stores, where he helped set up Experian before becoming chief executive in 2000. He spun off Burberry in 2002 and Experian in 2006. | Knighted in 2011 for services to business and the voluntary sector, Peace made his name at GUS, once known as Great Universal Stores, where he helped set up Experian before becoming chief executive in 2000. He spun off Burberry in 2002 and Experian in 2006. |
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