Burberry shares drop 5% this morning
Angela Ahrendts will step down as Burberry chief executive in the middle of next year to join Apple as senior vice president for retail and online stores.
Ahrendts said that she is “profoundly honoured” to be joining Apple and that Burberry was in “brilliant shape”.
She said: “I have always admired the innovation and impact Apple products and services have on people’s lives and hope in some small way I can help contribute to the company’s continued success and leadership in changing the world.”
Burberry’s current chief creative officer Christopher Bailey will replace Ahrendts as chief executive officer.
Bailey said: “We have a clear strategy to build on. […] Together, we will continue to push the boundaries of design, technology and communication while never forgetting our heritage, our Britishness and our values.”
Back in June, it was reported that Ahrendts was the highest-paid chief executive in Britain.
According to pay consultancy MM&K, she was paid £16.9m last year, almost £5m more than the UK’s second highest-paid CEO.
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