Burberry CFO misses out on top job
Burberry CFO Stacey Cartwright is edged out in race for top job by Liz Clairborne executive Angela Ahrendts
Stacey Cartwright, the CFO of fashion retailer Burberry, was edged out for
the top job yesterday by Liz Clairborne executive Angela Ahrendts, who will take
over from former CEO Rose Marie Bravo.
As reported by Accountancy Age in June, Cartwright was the leading
internal candidate to take over from Bravo, who will now take the position of
executive vice-chairman.
Ahrendts, who has had a seven-year stint as president of Donna Karan
International in addition to her time at Liz Clairborne, is on a pay package
valued at about £15.6m over three years.
Cartwright joined Burberry in March 2004 and has been an important member of
the management team that has turned around Burberry’s fortunes.
For the year ended 31 March 2005 Burberry’s turnover has climbed from £675.8m
in 2004 to £715.5m, while pre-tax profit increased from £140.3m to £164.4m.