Burberry shares surge after announcing new CEO

Share in British luxury brand Burberry jumped six per cent on Monday after it announced it was appointing a new chief executive.

Shares in the luxury fashion brand surged by 6% after the FTSE 100 group said that Marco Gobbetti, currently head of France's Celine brand, would be joining in 2017.

Marco Gobbetti, currently chairman and chief executive of French luxury brand Celine, will succeed Christopher Bailey as chief executive next year.

Bailey who holds the dual role of CEO and chief creative officer, will retain his creative role and also take the title of president.

Burberry said Gobbetti will join in 2017 as soon as he is contractually able to do so.

The firm also said that Julie Brown has been appointed to the new role of Chief Operating & Financial Officer.

Brown is currently CFO at medical technology business Smith and Nephew.

Reuters