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Burberry pays new boss almost £2.6m in nine months while axing jobs
Joshua Schulman’s pay includes £380,000 in moving costs as ailing brand plans to cut a fifth of its global workforce
Photograph: Hollie Adams/ReutersThe chunky payments to senior directors come despite Burberry revealing plans to cut 1,700 jobs worldwide by 2027 – including removing the entire night shift of 170 people at its Yorkshire raincoat factory – in an effort to tackle sliding profits. The company disclosed the plan earlier this month when it revealed it had dived to an annual loss of £66m, from a profit of £383m a year before, as it struggled in a troubled global luxury goods industry after a series of strategic missteps. “But to be cutting thousands of jobs while continuing to pay exorbitant amounts to executives is ethically highly questionable and seems like a big strategic error.
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