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Burberry replaces chief executive as it issues fresh profit warning
Former Coach boss Joshua Schulman to take control as Jonathan Akeroyd departs with immediate effect
Burberry has parachuted in the former Coach chief executive and Farrow & Ball director Joshua Schulman to the top role to replace Akeroyd, and revealed a list of “immediate actions” needed to reverse the company’s fortunes after issuing its second profit warning this year. Burberry’s London-listed shares plunged 15% after the gloomy statement on Monday morning – in which the company also announced it was suspending shareholder dividend payouts – making it the top faller on the FTSE 100. “We believe there is an opportunity to reconnect with our core customer base and capitalise on the enduring appeal of Burberry’s iconic products and brand while delivering relevant newness,” the company added.
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