Burberry Names Schulman CEO Amid Sales Decline

British luxury brand Burberry has replaced its CEO Jonathan Akeroyd with Joshua Schulman following a disappointing first quarter marked by a 21% decline in sales and a second profit warning this year. The company also suspended its dividend payments and projected an operating loss for the first half of the year. Burberry's performance has been particularly affected by weak demand from Chinese customers and a broader slowdown in the luxury market, leading to a 16% drop in its stock price. Schulman, who previously led Michael Kors and Coach, aims to return the brand to its core offerings while navigating ongoing market challenges. Chairman Gerry Murphy expressed optimism that cost savings and strategic realignment would improve performance in the second half of the year. Burberry's struggles are further underscored by its declining position among luxury stocks over the past five years.