LONDON - British luxury fashion group Burberry on Tuesday said its long-serving Chief Executive Officer Angela Ahrendts will step down next year to take up a position with Apple.
She is to be replaced by Burberry's Chief Creative Officer Christopher Bailey, who will retain his existing title alongside becoming the company's CEO.
"Burberry today announces that Angela Ahrendts will step down as chief executive officer by mid-2014 to take up a new position with Apple," said a statement to the London Stock Exchange ahead of the market open.
"Christopher Bailey is to be appointed to the position of chief creative and chief executive officer. This follows nearly a decade during which Angela, Christopher and the senior executive team have transformed Burberry into a world leading digital luxury brand," it added.