Burberry appoints Versace boss as its new CEO on £1.1m a year salary

The 54-year-old Brit is currently CEO of Milan-based Gianni Versace SpA, a position he has held since June 2016.

During his tenure at Versace, Mr Akeroyd has reorganised and accelerated growth at the Italian fashion house.

He was previously CEO of Alexander McQueen from 2004 to 2016, where he led a turnaround of the British luxury brand and laid the foundation for global expansion.

Mr Akeroyd has also held a number of senior fashion roles at London-based luxury department store Harrods. He will join Burberry on April 1, 2022 and will report to chairman Gerry Murphy and the board of directors.

Mr Murphy said: "I am delighted that Jonathan Akeroyd will be joining Burberry as our next chief executive officer.

"Jonathan is an experienced leader with a strong track record in building global luxury fashion brands and driving profitable growth.

"He shares our values and our ambition to build on Burberry's unique British creative heritage and his deep luxury and fashion industry expertise will be key to advancing the next phase of Burberry's evolution."

He will succeed Marco Gobbetti as Burberry CEO. Mr Gobbetti will step down from the role and leave Burberry on December 31, 2021. Mr Murphy will chair the executive committee from this date until Mr Akeroyd joins Burberry.

Mr Akeroyd said: "I am honoured to be joining Burberry as chief executive officer. I have long admired Burberry's position as the most iconic British luxury brand and I have a deep affection for its storied heritage.

"I am looking forward to returning to London where I first built my career in the luxury industry to join a talented team with ambitious plans for the future and a strong platform to accelerate growth."

The firm has made its most iconic products in Castleford and Keighley in Yorkshire for over 100 years.

Mr Akeroyd will be paid a salary of £1,100,000 per annum and an annual cash benefits allowance of £50,000. He will be eligible for a target bonus of 100 per cent of his salary and maximum of 200 per cent of his salary and a Burberry Share Plan award of 162.5 per cent of his salary.

He will also be granted cash and share awards which are due to vest in the financial years 2021/22, 2022/23, 2023/24 and 2024/25 to compensate for share and cash incentives from his current employer that he will forfeit on joining Burberry. The aggregate value of the buyout awards is approximately £6m.

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James Mitchinson