British luxury fashion house Burberry has announced the appointment of Joshua Schulman as its new chief executive officer, replacing Jonathan Akeroyd who has stepped down by mutual agreement with the board. Schulman, 52, brings a wealth of experience from his previous roles at Michael Kors and Coach.
The company issued a warning of an expected operating loss in the first half of the year due to slumping retail sales. This news has also led to a revision of full-year earnings projections and the suspension of shareholder dividend payouts. Burberry shares took a significant hit, dropping more than 11% following the announcement.
