Burberry boss to pocket £10.5m in shares

Burberry chief executive and chief creative officer Christopher Bailey is expected to receive a £10.5m payout in shares next month as he steps down from the role.

Bailey will receive 600,000 of the one million shares awarded to him in 2013, when he was appointed as chief executive and chief creative officer of the luxury goods retailer.

At the current share price of £17.65, the 600,000 shares he will receive are valued at £10.5m.

Bailey, who is set to become president of the business next month, will continue to earn a £1.1m salary.

Incoming chief executive and former Celine boss Marco Gobbetti will receive a similar salary as well as an £80,000 allowance covering car, travel and clothing and a £4.3m share deal.

Burberry’s underlying profits for the year to 31 March fell by 21% to £462m.

Burberry’s annual report, which was published in 6 June, also said the retailer plans to cap executive bonuses at twice the base salary, instead of 2.25 times larger under the previous policy.

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