Burberry in management shake-up

Luxury retailer Burberry this morning unveiled a board shake-up that will replace its chief financial officer and create a new chief operating officer role.

John Smith, former chief executive of BBC Worldwide, has been appointed to the newly-created chief operating officer position where he will help to drive Burberry’s presence in digital media and mobile technology.

"This new position reflects the evolution of the executive team to support the next phase of growth," the fashion brand said in a statement this morning.

Additionally, chief financial officer Stacey Cartwright is to step down after a nine-year tenure. She will be replaced by Carol Fairweather, who has been with the company for six years.