Burberry ditches CEO and dividend amid sales slump - what it means for investors

The UK luxury brand expects to report an operating loss for the first half of this year

Clothes hanging on a rail in a window display at a Burberry boutique in London.
(Image credit: Photographer: Betty Laura Zapata/Bloomberg via Getty Images)

Burberry has ousted its chief executive Jonathan Akeroyd after just over two years and axed dividend payouts following a sales slump at the UK luxury brand

Akeroyd will be replaced as CEO by industry veteran Joshua Schulman, who takes on the top job from 17 July.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Chris Newlands

Chris is a freelance journalist, and was previously an editor and correspondent at the Financial Times as well as the business and money editor at The i Newspaper. He is also the author of the Virgin Money Maker, the personal finance guide published by Virgin Books, and has written for the BBC, The Wall Street Journal, The Independent, South China Morning Post, TimeOut, Barron's and The Guardian. He is a graduate in Economics.