Burberry’s CEO quits for new post in Apple

LONDON - Reuters

Burberry’s CEO Angela Ahrendts will take up a new position with Apple. AFP photo

Christopher Bailey, the designer credited with restoring the cachet to fashion brand Burberry, is to become chief executive next year when long-standing boss Angela Ahrendts will move to Apple.

Burberry said yesterday that Ahrendts would step down by mid-2014 after which Bailey would combine his role as chief creative officer with being chief executive.

News the 42-year-old Yorkshireman would hold both positions sparked concern among some analysts that he might be taking on too much, and sent shares in the group down 6 percent in early trading, valuing the business at 6.6 billion pounds.

“There will undoubtedly be relief that Mr. Bailey, the driving force behind the brand for the last 12 years, is staying,” Morgan Stanley said in a note to clients. “But we anticipate some investor concern about combining the Chief Creative Officer and CEO roles, which are both time consuming and require very different skill sets.”

Ahrendts, who has been Burberry boss for eight years, during which time its share price has soared about 250 percent, will take up a newly-created position at Apple as a senior vice president with oversight of retail and online stores.