Burberry begins 'straightforward' search for next chairman

British brand Burberry is believed to have begun a more direct search for its next chairman, who will ultimately succeed Gerry Murphy.

According to Sky News, the label has started its formal search and is working with headhunters on the process. A precise timeline has not been established, as stated insiders for the media outlet, yet Murphy is not expected to exit the company for another year.

An initial search process was said to have been launched last year, when Sky News had first begun speculating on Murphy’s replacement. However, this is now believed to have evolved into “a more straightforward hunt for a new chair”.

A spokesperson for Burberry told Sky News: "In the normal course of business, we look at succession planning for board roles as they reach term."

Burberry, which is currently being run by CEO Joshua Schulman, welcomed a string of new executives over the past year as it continues to enact a turnaround strategy in response to a profit warning earlier in 2024.

The team have been tasked with reviving the luxury brand and reversing a long slow down in trading. The company reported a 20 percent decline in revenue for the first half of 2024.

FashionUnited has contacted Burberry with a request to comment.