Burberry announces management changes
Luxury clothing brand Burberry has appointed the BBCÂs John Smith to the new position of chief operating officer as it looks to expand its executive team to support its next phase of growth. It has also confirmed that chief financial officer Stacey Cartwright is to leave the business to "pursue new interests"
With 20 years experience in the media industry, Smith was most recently chief executive of BBC Worldwide from 2005 to 2012, where he oversaw expansion through the development of global franchises and new formats and platforms. Prior to BBC Worldwide, he was the BBC’s director of finance then chief operating officer.
In his new role, Smith will work with existing teams to drive the operational execution of Burberry's brand strategies, particularly in digital media and mobile technology. He will also be tasked with optimising the potential of the new Beauty division and with making efficiencies and reallocating resources to enable continued investment for growth.
Having served as a non-executive director on the Burberry Board since December 2009, Smith will continue to serve in this capacity until he takes up his new role on 4 March 2013. He will report to Burberry chief executive officer Angela Ahrendts.
Commenting on the appointment Ahrendts said: "We are thrilled to announce John's appointment to the new position of chief operating officer, which is an important step in the next phase of Burberry's development. His exceptional global brand and media expertise, together with his track record in finance and operations, will be invaluable as we continue to combine proven strategies and innovative execution to drive growth in the mobile digital age."
In a separate announcement Burberry said that chief financial officer and EVP Stacey Cartwright is to step down after over nine with the business.
Cartwright will be succeeded by Carol Fairweather who has been appointed as chief financial officer designate and will become chief financial officer on Cartwright’s departure following the Annual General Meeting in July.
Fairweather has worked with Burberry for six years, most recently as senior vice president, group finance. Prior to joining Burberry, she held senior finance positions at News International and Shandwick.
Commenting on the change, Burberry chairman Sir John Peace said: "Carol's appointment demonstrates the talent that exists within Burberry's senior team. Her track record of achievement in her six years with the business has been exceptional and we look forward to her continued contribution in this new role.
"On behalf of all my Board colleagues, I would like to thank Stacey for the significant contribution she has made to the company and wish her every success in her new endeavours."
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