Burberry is starting a formal quest for a new chairperson almost a year after appointing the most recent in a line of chief executives tasked with revitalizing the luxury fashion label.
Sky News has learned that Burberry is collaborating with recruitment agencies to find a replacement for Gerry Murphy.
Mr Murphy, who is also the chair of Tesco, is not anticipated to resign this year, although the exact timing has yet to be definitively decided, as per sources.
Last summer, Sky News revealed that Burberry had initiated a search for a non-executive director capable of succeeding Mr Murphy in due time.
This search is now reportedly shifting towards finding a new chairperson directly, insiders indicated.
The preparation for his departure coincides with Burberry and other luxury goods producers facing the uncertainty of significant tariffs amidst a rising international trade conflict.
The company is currently under the leadership of Joshua Schulman, the former head of Jimmy Choo, who was brought on board last July to address its decline.
Mr Schulman took over from Jonathan Akeroyd, who departed following a series of profit warnings.
Burberry’s shares closed at 738.8p on Tuesday, resulting in a market capitalization of approximately £2.6bn.
The stock has decreased by over a third in the past year.
A Burberry spokesperson stated: «As part of our regular operations, we evaluate succession planning for board positions as they approach term limits.»