Burberry CEO stepping down with turnaround as yet incomplete

Marco Gobbetti was named as chief executive of Burberry in 2017 with the goal of making the venerable British fashion brand more profitable by developing a stronger line of products, expanding its presence in categories including handbags, raising prices and cutting discounts. He has offered his resignation from the company with plans to step down at the end of the year to take the same role at Salvatore Ferragamo. Mr. Gobbetti leaves Burberry with the company as not yet having fully accomplished the goals set out when he joined it, said Luca Solca, an analyst at Bernstein. “Burberry is in a far better position today than when Marco took responsibility for it. Yet, the magnitude of the issues at hand didn’t offer a chance for the runway success that some had hoped for.”