Burberry chief executive to miss out on £18m in share awards

 
Oliver Smith
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DEPARTING chief executive Angela Ahrendts will waive her rights to a long-term incentives worth £18m when she leaves the fashion retailer to join Apple.

Ahrendts was entitled to share awards worth £7.6m this year and an additional £4.6m next year from Burberry.

Ahrendts already owns £6.5m shares of Burberry, where she has worked for eight years turning the company into an international fashion brand.

The surprise announcement of Ahrendts’ upcoming departure in 2014 last week was joined with the news that 42-year-old Christopher Bailey would take over as both chief creative officer and chief executive.

Ahrendts and Bailey are credited with helping to restore Burberry's cachet after it became a victim of its own success in the 1990s when its trademark pattern was embraced by the mass market, losing its appeal to its core wealthy clientele.