Céline Chairmand and CEO Marco Gobbetti will take over executive duties in 2017. Meanwhile, Bailey will retain his creative role and take on a new role as president of the British fashion house.
In a statement, Bailey said, “I am very excited that Marco Gobbetti is joining us as chief executive officer and as a partner to me. Marco brings incredible experience and skills in luxury and retail with him that will be invaluable to us.”
In June, Bailey received a 75 percent pay cut following a disappointing sales year. Board members began to grumble about his ability to carry out the two roles successfully.
Burberry’s announcement is just one of a number of recent luxury leadership changes, including Balmain’s sale to Qatar-based Mayhoola, and Maria Grazia Chiuri’s appointment to Christian Dior, the French label’s first female creative director.