Burberry’s Chief Operating Officer to step down

London - John Smith, Chief Operating Officer at luxury fashion house Burberry is set to exit his role. The heritage label announced on Friday that Smith has decided to leave Burberry in order “to pursue new interests.”

Smith is set to leave the company and step down from the board by the summer of 2017, following a 7 year tenure. The announcement follows on from Burberry’s renewed strategy to help curb the effects of the global luxury slowdown, as the fashion house reported a 10 percent decline in adjusted pretax profit for the year ended March 31, 2016.

"By 2017 I will have been involved with Burberry for more than seven years. I have intensely enjoyed working for one of the world's great luxury brands and I am proud of my contribution to the company's success over this period, particularly helping the company to be at the vanguard of digital and contributing to the growth of the beauty business. I am pleased to leave the company operationally stronger too,” said Smith in a statement on his exit.

“With the company's future strategies now in place, I am ready to embark on a new challenge. Having been the CEO of a fast growing international business in the past, I am exploring a number of exciting new leadership opportunities in that arena. I wish the company well as it goes about executing on its strategies."

Burberry’s Chairman Sir John Peace thanked Smith for this contribution to the company over the past seven years, wishing him “well in the future.” The company did not comment on his interim or permanent successor, or if they had begun searching for one. "John has made a significant contribution to Burberry over the last seven years,” added Burberry Chief Creative and Chief Executive Officer Christopher Bailey.

“I have personally valued and enjoyed John's partnership and I would like to thank John for everything he has brought to Burberry. Whilst John will remain with us for a while longer, we all wish him much happiness and great success for the future."

Photo: Burberry, Facebook