Burberry shares tumble after CEO resigns to join rival
CNN
Marco Gobbetti, who led a turnaround at Burberry, will leave the British luxury fashion label at the end of this year to return to Italy where he'll head up rival Salvatore Ferragamo.
Burberry (BBRYF) announced Gobbetti's resignation in a statement on Monday, sending the company's share price as much as 8% lower in London. The stock was last trading 7% below its Friday close. "Marco, who has led the transformation of Burberry's brand and business, will be stepping down after nearly five years with the company to take up another opportunity that will enable him to return to Italy and be closer to his family," Burberry said.
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