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 โprofoundly honouredโ to be joining Apple and that Burberry was in โbrilliant shapeโ.
She said: โI have always admired the innovation and impact Apple products and services have on peopleโs lives and hope in some small way I can help contribute to the companyโs continued success and leadership in changing the world.โ
Burberryโs current chief creative officer Christopher Bailey will replace Ahrendts as chief executive officer.
Bailey said: โWe have a clear strategy to build on. [โฆ] Together, we will continue to push the boundaries of design, technology and communication while never forgetting our heritage, our Britishness and our values.โ
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 ยฃ16.9m last year, almost ยฃ5m more than the UKโs second highest-paid CEO.
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