Burberry appoints new CEO

A new Burberry chief has been named to replace Rose-Marie Bravo, and as it happens the new CEO is also American. Angela Ahrendts, currently the executive vice president of Liz Claiborne, is to take over the post at the British fashion and luxury goods firm in July next year, the Company announced. Ahrendts, 45, will join London-based Burberry as executive director on Jan. 9 and work alongside Bravo, who will move to the newly-created role of vice-chairman. Bravo, 54, said she planned to move back home to Long Island, N.Y., but would be working `at least'' 12 days a month for Burberry.'

Bravo's departure will come after Burberry is fully demerged from Great Universal Stores, which owns 66 percent of the company. She engineered a turnaround at Burberry, increasing the company's market share tenfold since her arrival in 1997. "Rose Marie and I agree that the time is now right for her role to transition to that of vice chairman," John Peace, Burberry's chairman, said in a statement. "The appointment of Angela Ahrendts brings diverse industry experience, strong leadership skills, strategic vision and proven brand management."