Burberry Names New CEO

The company’s current CEO will now serve as its president

Burberry has appointed Marco Gobbetti, current chairman and CEO of LVMH-owned luxury brand Céline, to be its new CEO.

Gobbetti replaces Christopher Bailey, who currently serves as CEO and chief creative officer. When the transition takes place in 2017, Bailey will keep the title of chief creative officer and begin his tenure as company president, overseeing all elements of brand and design.

Gobbetti will join the company sometime in 2017. Both Gobbetti and Bailey will report directly to the company chairman, John Peace.

A company statement hailed Bailey for “[doing] an excellent job set against a backdrop of challenging market conditions.”

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