Burberry’s chief operating officer John Smith is leaving the business after seven years, amid falling profits at the business
The luxury brand said Smith has decided to leave the company this summer to pursue other interests.
Burberry chief creative and chief executive Christopher Bailey said Smith had made a “significant contribution” to the business.
Chairman Sir John Peace, added: “We would like to thank John for his success in driving digital growth and optimising the potential of our beauty and travel businesses.”
Smith said: “I am proud of my contribution to the company’s success over this period, particularly helping the company to be at the vanguard of digital and contributing to the growth of the beauty business. I am pleased to leave the company operationally stronger too.
“With the company’s future strategies now in place, I am ready to embark on a new challenge. Having been the CEO of a fast growing international business in the past, I am exploring a number of exciting new leadership opportunities in that arena.”
Last month Bailey announced a change of strategy that will see costs reduced by £100m across the business after profits fell 10%.
Bailey received £1.9m in salary, pension and benefits in 2015, down 75% from the year while Smith’s almost halved from £1.52m to £813,000.