January 29, 2023

Burberry shares fall as CEO Marco Copetti leaves to join Salvador Ferragamo

Burberry (PPROYF) Announcing Copetti’s resignation a Report On Monday, the company sent its stock price down 8% in London. The stock traded 7% lower than it closed last Friday.

“Marco, who has led the transformation of Burberry’s brand and business, will leave Italy almost five years later to return to Italy and get another chance to stay close with his family,” Burberry said.

Jerry Murphy, the company’s chairman, said the team was naturally disappointed by Copetti’s decision, but understood “his desire to return to Italy after nearly 20 years abroad.”

“I feel this is the right time for me to step down, as Burberry is excited again and firmly on the path to strong growth,” Copetti said.

A solo Notice, Salfador Ferragamo has confirmed that he will become CEO of the company “once he is relieved of his contractual duties” at Copetti Burberry. Shares of Ferragamo advanced 0.2% in Milan.
Copetti spent 13 years at a French luxury goods company before joining Burberry, the most famous of the moat lines. LVMH (LVMHF), Where he was CEO of Givenchy and Celine.

– It is a growing story and will be updated.