Connect with us

Business

Burberry appoints Versace boss as CEO with £6m ‘golden hello’

Burberry

Burberry appoints Versace boss as CEO with £6m ‘golden hello’

Burberry has appointed Jonathan Akeroyd as its next chief executive in a deal including a £6m “golden hello” to cover the loss of bonus and share awards for leaving his position as boss of rival Versace.

The 54-year-old has been the boss of Versace since 2016, overseeing the $2.1bn sale of the business to Michael Kors three years ago. Burberry’s outgoing chief executive, Marco Gobbetti, is due to leave Britain’s biggest high fashion brand to take the top job at luxury Italian group Salvatore Ferragamo at the end of the year.

Akeroyd, who previously spent 12 years at Alexander McQueen leading the brand through the aftermath of the death of its eponymous founder, will join Burberry on 1 April next year. The British national previously also held a number of senior fashion roles at London’s luxury department store Harrods.

“I have long admired Burberry’s position as the most iconic British luxury brand and I have a deep affection for its storied heritage,” said Akeroyd. “I am looking forward to returning to London where I first built my career with ambitious plans for the future.”

Burberry has agreed to give Akeroyd cash and share awards worth £6m over the next four years to cover the loss of share and cash incentives at Versace that he will have to forfeit for leaving. “These buyout awards are in line with the type of award and deferral schedule of the awards being forfeited by Jonathan,” the company said.

He is also set to be paid a base salary of £1.1m, with a maximum annual bonus worth up to 200% of his base, and a share plan worth 162.5% of annual salary.

Burberry’s chairman, Gerry Murphy, who will lead Burberry on an interim basis in the gap before Akeroyd joins, said: “Jonathan is an experienced leader with a strong track record in building global luxury fashion brands and driving profitable growth.

“He shares our values and our ambition to build on Burberry’s unique British creative heritage and his deep luxury and fashion in distrust expertise will be key to advancing the next phase of Burberry’s evolution.”

In July, Burberry, which operates 454 stores concessions and franchises globally, reported that sales had returned to pre-pandemic levels driven by a boom in younger shoppers, with products including leather goods, jackets and shoes proving particularly popular.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

fifteen + eight =

Business

DMO Issues Two FGN Savings Bonds At N1,000/unit

The Debt Management Office (DMO) has announced its Dec. issuance of two Federal Government of Nigeria (FGN) Savings Bonds at N1,000 per unit.

According to a statement by the DMO, the first offer is a two-year FGN Savings Bond due on Dec. 14, 2022, at an interest rate of 12.255 percent per annum.

The second one is a three-year FGN Savings Bond due on Dec. 14, 2025, at a 13.255 percent interest rate per annum.

It said that the opening date for the issuance of the bonds is Dec.5, the closing date is Dec. 9, the settlement date, is Dec. 14 while coupon payment dates are March 14, June 14, Sept. 14, and Dec. 14.

“They are issued at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“Interest is payable quarterly, while bullet repayment is made on the maturity date, ” it said.

It added that FGN savings bonds qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other Investors.

“They are listed on the Nigerian Stock Exchange and qualify as liquid assets for liquidity ratio calculation for banks,” it said.

The statement said they were backed by the full faith and credit of the Federal Government of Nigeria, and charged upon the general assets of the country.

Continue Reading

Business

DMO Says It has Raised N130bn From Sukuk For Key Road Projects

The Debt Management Office (DMO) says it raised N130 billion from its N100 billion sovereign al ’Ijarah sukuk opened on November 21, 2022.

DMO, in a statement on Monday disclosed that the offer of N100 billion was “upsized to N130 billion due to the over 165 percent subscription level”.

The Sukuk is a strategic initiative that supports infrastructure development, promotes financial inclusion and deepens the domestic securities market.

Since the establishment of the initiative in September 2017, Nigeria has issued four sovereign sukuk: 2017 (N100 billion), 2018 (N100 billion), 2020 (N162.557 billion), and 2021 (N250 billion).

According to the statement, this year’s total sovereign sukuk issuance moved to N742.557 billion.

“The Debt Management Office (DMO) is pleased to inform the public of the successful conclusion of the issuance of N100 billion sovereign al ’ijarah sukuk. The offer for N100 billion opened on November 21, 2022, and was supported by wide public sensitisation to encourage subscription from diverse investors, particularly the retail investors,” the statement reads.

“The initial offer size of N100 billion was upsized to N130 billion due to the over 165 percent subscription level. The Sukuk was issued at a rental rate of 15.64 percent per annum. This brings the total sovereign sukuk issuance to N742.557 billion as at date.”

Continue Reading

Business

CBN Limits Withdrawal To N100,000 Weekly

The Central Bank of Nigeria (CBN) on Tuesday slashed the cash withdrawal by an individual to N100,000 per week by an individual.

The apex bank also fixed N500,000 as the amount a company can withdraw in a week.

By this new policy, account holders can only withdraw a maximum of N100,000 weekly through Automated Teller Machine (ATM), subject to a maximum of N20,000 daily withdrawal.

Under the new policy, which is to take effect from January 9, 2023, the maximum cash withdrawal via Point of Sale (POS) shall also be N20,000 daily.

This was contained in a circular issued by the CBN on Tuesday, signed by director of banking supervision, Haruna Mustafa and addressed to deposit money banks and other financial institutions.

According to the circular, deposit money banks and other financial institutions are also mandated to ensure that over-the-counter cash withdrawals by individuals and corporate entities do not exceed N100,000 and N500,000, respectively, per week.

It further indicated that all cash withdrawals in excess of the stated limits will attract processing fees of 5 per cent and 10 per cent respectively.

The new policy also states that third party cheques in excess of N50,000 shall not be eligible for over the counter payment, while extant limits of N10,000,000 on clearing cheques subsist.

“Only denomination of N200 and below shall be loaded into the ATMs.

“In compelling circumstances not exceeding once a month, where cash withdrawals above the prescribed limits is required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000 and N10,000,000 for individuals and corporate organisations respectively, and shall be subject to the references processing fees in (1) above, in addition to enhanced due diligence and further information requirements,” the circular stated.

Continue Reading
Advertisement

Trending