Burberry's CFO, Stacey Cartwright, is to step down from the iconic fashion brand after nine years with the company to pursue new interests.
News of Cartwright's departure saw Burberry's share prices drop 3.5% after the announcement.
Burberry's board announced that Cartwright will remain executive vice president and CFO and retain her board position, until the conclusion of Burberry's Annual General Meeting in July 2013, so as to ensure a seamless transition.
The company's current senior vice president of group finance - Carol Fairweather - has been picked as a replacement and has been appointed CFO designate with immediate effect.
Fairweather - who has a six-year track record with the company and with previous experience in senior finance roles at News International Limited and Shandwick plc - will report to Burberry's CEO Angela Ahrendts.
Commenting on the leadership changes, Ahrendts said that the company was thankful to Cartwright for her dedication in recent years.
'We thank Stacey for her dedication, commitment and partnership as we have worked to transform Burberry in recent years and for her outstanding personal contribution to improving the operational and financial infrastructure of the company. We wish her well in the future.
'We are delighted that one of her key partners, Carol Fairweather, will succeed her in the role of Chief Financial Officer. Carol's deep understanding of the Burberry business and brand, coupled with her strong leadership and financial skills, position her uniquely to drive continued success in this role, while ensuring a seamless transition.
The company also announced the appointment of John Smith as chief operating officer, a move it described as reflective of 'the evolution of the executive team to support the next phase of growth'.
Smith has over 20 years' experience in the media industry, most recently as chief executive of BBC Worldwide from 2005 to 2012.
Prior to BBC Worldwide, he was director of finance, then chief operating officer of the BBC.
He has also served as non-executive director on the Burberry board since December 2009.
