Burberry makes board appointments
Jeremy Darroch is to become a senior independent director while Ron Frasch is to join the board as a non-executive director.
Taking up his new position on 1 July, Darroch has been a non-executive director of Burberry since February 2014 and is chair of the audit committee. He will succeed Philip Bowman who will remain as a director of the business until the end of October.
In his new role, Darroch will lead the process of appointing a successor to chairman Sir John Peace. The company expects to announce Peace’s replacement by the end of 2018.
In addition, luxury retail expert Ron Frasch has been appointed to the board as a non-executive director and member of the remuneration and nomination committees, with effect from 1 September 2017. Frasch previously held the positions of president and chief merchandising officer and vice chairman of Saks Fifth Avenue between 2004 and 2013. Prior to that, he was chief executive of Bergdorf Goodman.
Currently an operating partner of private equity company Castanea Partners, Frasch is also a non-executive director of the Crocs footwear brand.
Commenting on the changes, Peace said: "On behalf of the board I would like to welcome Jeremy to his new role and to thank Philip for his immense contribution to Burberry since the IPO in 2002. The board and I have greatly appreciated Philip's wise counsel and he will be missed by us all.
“We are delighted to welcome Ron to the board. His great understanding of product and broad experience of working with a wide range of luxury brands will be a great asset to Burberry as we continue to focus on delivering long term shareholder value."
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