Marco Gobbetti, the man who oversaw a turnaround at Burberry will be leaving the British luxury fashion brand at the end of this year to go back to Italy, where he’ll lead rival Salvatore Ferragamo.
Burberry (BBRYF), which announced Gobbetti’s resignation on Monday in a statement, sent the share price of the company as high as 8% lower in London. Last Friday’s close was 7% lower than the stock closing.
Burberry stated that Marco, who led the transformation of Burberry’s brand and business over the past five years, would be leaving the company to pursue another opportunity that will allow him to return home to Italy to be with his family.
Gerry Murphy, chairman of the company, stated that while the board was “naturally disappointed” by Gobbetti’s decision, they understood his desire to return to Italy, nearly 20 years after he had lived abroad.
Gobbetti stated that Burberry was reenergized and on a path of strong growth, so now is the time to let go.
Salvatore Ferragamo made another announcement that Gobbetti would be the company’s chief executive “as soon he is freed from his contractual obligations” at Burberry. Ferragamo shares rose 0.2% in Milan.
Gobbetti was previously CEO of Givenchy before joining Burberry, which is best known for its trench coats.