Marco Gobbetti is stepping down as CEO of Burberry, and will leave his post at the end of 2021 after nearly five years on the job.
The company said Monday he is leaving to take up another opportunity “that will enable him to return to Italy and be closer to his family.”
He will be taking up the role of general director and CEO of Salvatore Ferragamo SpA, the Italian company announced separately on Monday.
The hunt is on for his successor, said Burberry, adding that Gobbetti will work with chairman Gerry Murphy to provide full support to the executive leadership team on an orderly transition.
Shares in Burberry were down 7.8 percent at 20.74 pounds in late morning trading on the London Stock Exchange. Shares in Ferragamo, which is quoted on the Milan Bourse, fell 1.2 percent to 19.07 euros following the news.
“It has been an incredible privilege to serve as Burberry’s CEO and lead such a hugely talented team,” Gobbetti said.
“As a group, we have elevated and strengthened the brand and the business, while continuing to be a force for good. With Burberry re-energized and firmly set on a path to strong growth, I feel that now is the right time for me to step down. I am fully committed to supporting (the company) through the transition, and I have every confidence that the creativity and strong values that define Burberry will continue to drive the company’s future success.”
This story was reported by WWD and originally appeared on WWD.com.