Burberry CEO resigns, ends dual-role experiment

London

BURBERRY'S chief executive is resigning from that post, ending an experiment in which the British luxury house became the first publicly listed fashion company to allow one person to hold the roles of chief executive and creative director at once.

The company announced the change for the executive, Christopher Bailey, on Monday. He accepted a 75 per cent pay cut less than month ago, after a slowdown in sales, a fall in profit and a flurry of executive departures from the company. He will stay at Burberry in the new dual role of president and chief creative officer, and focus on products.