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- Burberry Group (OTCPK:BURBY +2.5%) names Jonathan Akeroyd as its new CEO beginning in April, landing the head of Versace and former Alexander McQueen chief executive.
- The company has faced uncertainty in its management following former CEO Marco Gobbetti's departure to rival Salvatore Ferragamo in June.
- However, it will still take time for the company to come together given the late start. "The timing of his start date suggests Burberry is unlikely to present an updated strategy until Q3/Q4 2022 at the earliest, thus delaying its turnaround even further," wrote UBS analysts.
- The Britain fashion house believes Akeroyd is the right leader given his "strong track record in building global luxury fashion brands and driving profitable growth." Akeroyd oversaw Versace's sale to Capri Holdings (CPRI +1.7%) and 158% Y/Y revenue growth in the company's latest quarter.
- Gobbetti will continue to head Burberry until he leaves the company at the end of the year.