Burberry announces directorate board changes

London - Burberry has announced the appointment of Jeremy Darroch as Senior Independent Director (SID), effective from July 1, 2017. Darroch will be replacing Philip Bouwman, who has held this role for a number of years.

He has served Burberry as a Non-Executive Director since February 2014 and is Chair of the Audit Committee. Bouwman, who will remain a Director at the request of the Board to provide continuity during Burberry's period of significant change, will step down from the Board October 31, 2017.

"On behalf of the Board I would like to welcome Jeremy to his new role and to thank Philip for his immense contribution to Burberry since the IPO in 2002," said Sir John Peace, Chairman of the Board in a statement. "The Board and I have greatly appreciated Philip's wise counsel and he will be missed by us all."

In his newly appointed role as SID, Darroch is set to lead the process of appointing a successor to Sir John Peace, Chairman of Burberry. He is predicted to announce a successor to Sir Peace by the end of 2018. In addition to Darroch new appointment, Burberry has also appointed luxury retail expert Ron Frasch to the board as Non-Executive Director, and a member of the Remuneration and Nomination Committees, effective from September 1, 2017.

Frasch, who previously served as President and Chief Merchandising Officer, and Vice Chairman of Saks Fifth Avenue Inc, is currently an operating partner at Castanea Partners, a private equity company which is mainly focused on investing in branded consumer products and services. "We are delighted to welcome Ron to the Board," added Sir Peace. "His great understanding of product and broad experience of working with a wide range of luxury brands will be a great asset to Burberry as we continue to focus on delivering long term shareholder value."