News English — Burberry
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Burberry Seeking Chief of Cost Cutting
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(Image source: Burberry Plc) The British luxury brand has seen its fortunes reverse since Angela Ahrendts left the company to join Apple. Burberry plans to cut costs by £100m (approx $150m) by 2019. However, since the appointment of Christopher Bailey to the dual role of Chief Executive Officer and Chief Creative Officer the company has not only dropped revenues but has also seen significant cost control measures introduced. Mr Bailey is rapidly losing faith among investors, but has backing from the board, and an additional leader is being sought to work in tandem with Christopher as his duties are thought...
Burberry C-level State of Flux
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According to media reports the dual role taken on by Christopher Bailey in May 2014 is no longer working out. Bailey who was Creative Director under Angela Ahrendts, also took on her role as CEO when she left to join Apple. Filling both these roles was never going to be easy. Burberry's shares have fallen by 21% in value since Bailey took over which would be enough to get sidelined in other companies. However, as Bailey was recommended to the dual role by the company's long serving Chairman, Sir John Peace , it is unlikely that he will be ousted....