Christopher Bailey to leave Burberry in 2018
Burberry's top designer and former chief executive Christopher Bailey will leave the fashion house at the end of next year.
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Bailey, Burberry's chief creative officer, will step down from the FTSE 100 company's board on 31 March 2018. After that he will provide support to Marco Gobbetti, Burberry's new chief executive until 31 December.
Burberry said Bailey will be paid his salary, a bonus and other benefits for the year to 31 March. He will receive his salary and benefits for the nine months to the end of December but no bonus for the period.
Bailey, who is 46, has worked at Burberry for 17 years. He became chief creative officer in 2009 and was credited with revitalising Burberry's brand and alongside chief executive Angela Ahrendts turning Burberry into a global luxury brand with a large fanbase among newly affluent consumers in China.
When Ahrendts left to join Apple in 2014, Bailey became chief executive despite never having run a public company.
Burberry suffered operational problems and weaker financial performance during Bailey's tenure. Some shareholders were unhappy about his dual role and rebelled against his big pay awards.
Last year Bailey announced plans to step down from the chief executive's job. Gobbetti, aged 58 and an industry veteran, took over in July with Bailey remaining as chief creative officer and taking the title of president.
Burberry said on Tuesday that Bailey had decided it was time for him to pursue new creative projects. The company said Gobbetti understood his decision and would start the search for a replacement.
Gobbetti said: "While I am sad not to have the opportunity to partner with Christopher for longer, the legacy he leaves and the exceptional talent we have at Burberry give me enormous confidence in our future. We have a clear vision for the next chapter to accelerate the growth and success of the Burberry brand and I am excited about the opportunity ahead."