Burberry checks out contenders to replace Murphy as chairman | Money News

Burberry is kicking off a formal search for a new chairman nearly a year after installing the latest in a string of chief executives charged with reviving the luxury fashion brand.

Sky News understands that Burberry is working with headhunters on a hunt for Gerry Murphy’s successor.

Mr Murphy, who also chairs Tesco, is not expected to step down this year, although the precise timing has yet to be formally determined, according to insiders.

Last summer, Sky News reported that Burberry had commenced a search for a non-executive director capable of taking over from Mr Murphy in due course.

That mandate is now said to have evolved into a more straightforward hunt for a new chair, sources suggested.

Planning for his departure comes as Burberry and other luxury goods manufacturers grapple with the uncertainty of swingeing tariffs amid an escalating international trade war.

The company is now being run by Joshua Schulman, the former Jimmy Choo boss, who was drafted in last July to arrest its decline.

Mr Schulman replaced Jonathan Akeroyd, who left in the wake of a string of profit warnings.

Shares in Burberry closed on Tuesday at 738.8p, giving it a market value of about £2.6bn.

The stock is down by more than a third over the last year.

A spokesperson for Burberry said: “In the normal course of business, we look at succession planning for board roles as they reach term.”