Burberry management shake-up sees departure of CFO
08/02/2013
Ms Cartwright has worked at the company for nine years, and is credited with orchestrating its revival alongside chief executive Angela Ahrendts.
Sales and profits at the company rose rapidly, with strong demand for its products in Asia, until September - when it issued a profit warning that surprised the markets and saw its and rivals’ share prices fall. However, it has since recovered, with revenues up 9% in the fourth quarter.
Burberry said Ms Cartwright is stepping down to “pursue new interests”. She will be replaced by Carol Fairweather, who is the senior vice-president for group finance.
Ms Ahrendts said: “We thank Stacey for her dedication, commitment and partnership as we have worked to transform Burberry in recent years and for her outstanding personal contribution to improving the operational and financial infrastructure of the company.”
She added that appointment of Mr Smith is an “important step in the next phase of Burberry’s development”. He was CEO of BBC Worldwide from 2005 to 2012, and has been on the fashion brand's board since 2009.
He said: “Having had the chance to develop one great British brand on the global stage, it is my privilege now to begin a new chapter at another. Burberry is a business with exceptional future prospects and I look forward to playing a part in the next phase of its growth.”
Share this story:
