Burberry Shares Tumble After CEO Resigns To Join Rival

Marco Gobbetti, who started a turnaround at Burberry, will leave the British luxury fashion label at the end of this year to return to Italy where he’ll head up rival Salvatore Ferragamo. Burberry announced Gobbetti’s resignation in a statement on Monday, sending the company’s share price nearly 8% lower in London. “Marco, who has led the transformation of Burberry’s brand and business, will be stepping down after nearly five years with the company to take up another opportunity that will enable him to return to Italy and be closer to his family,” Burberry said. Gobbetti set out to reposition Burberry firmly in the luxury category, following a 13-year stint at French luxury goods giant LVMH as CEO of Givenchy and Celine. As of Friday, the stock had gained 35% since his appointment in July 2017. Read more at CNN Business.