Burberry Replaces CEO Amid Major Sales Slump

Luxury brand appoints Joshua Schulman to reverse declining performance and reconnect with core customers.

Burberry CEO Jonathan Akeroyd steps down after two years, replaced by Joshua Schulman.
Company issues profit warning and suspends dividend payments following a 21% drop in quarterly sales.
Burberry's sales decline spans key markets, including China, the Americas, and Europe, with Japan as the only positive exception.
New CEO Schulman aims to refocus on Burberry's heritage and core customer base while introducing new products.
Cost-cutting measures and a strategic shift towards 'everyday luxury' are expected to improve performance in the second half of the year.