Member Article

Burberry shares knocked by CFO departure

Burberry’s share price fell on Thursday after the surprise departure of chief finance officer, Stacey Cartwright.

The British fashion house said Ms Cartwright was leaving the firm to “pursue new interests” after nine years with the company.

News of Ms Cartwright’s departure knocked Burberry’s share price by 4.3%, down 61 pence to 1368 pence.

Carol Fairweather will take the chief financial officer position in July this year, after joining the company in 2007 from a senior finance position at News International, and formerly Shandwick.

Burberry’s chief executive, Angela Ahrendts, commented: “We thank Stacey for her dedication, commitment and partnership as we have worked to transform Burberry in recent years and for her outstanding personal contribution to improving the operational and financial infrastructure of the company. We wish her well in the future.

“We are delighted that one of her key partners, Carol Fairweather, will succeed her in the role of Chief Financial Officer.

“Carol’s deep understanding of the Burberry business and brand, coupled with her strong leadership and financial skills, position her uniquely to drive continued success in this role, while ensuring a seamless transition.”

Sir John Peace, Chairman, added: “Carol’s appointment demonstrates the talent that exists within Burberry’s senior team.
“Her track record of achievement in her six years with the business has been exceptional and we look forward to her continued contribution in this new role.

“On behalf of all my Board colleagues, I would like to thank Stacey for the significant contribution she has made to the company and wish her every success in her new endeavours.”

This was posted in Bdaily's Members' News section by Miranda Dobson .