Apple Hires Burberry CEO Angela Ahrendts

The mass exodus from Burberry continues. CEO Angela Ahrendts is leaving for Apple, with Christopher Bailey succeeding her at the helm of the fashion company. Ahrendts, who is credited with Burberry’s digital success, will become Apple’s senior vice president of retail and online stores, reporting to Tim Cook. Bailey, meanwhile, will retain his role as chief creative officer as well as CEO. The upheaval caused Burberry’s stock to drop 6.4 percent in London, the steepest decline on FTSE. Looking back at 10 years of transforming Burberry into a hip, young brand, Ahrendts is “going out on a high,” said analyst Rahul Sharma.