Burberry has named Marco Gobbetti as its brand new CEO, replacing Christopher Bailey. But Bailey isn’t being displaced— he will, instead, serve as President and Chief Creative Officer and will oversee all elements of brand and design, working in partnership with Gobbetti, who will join the company next year. Shares in Burberry jumped 7.9 percent on the news, their strongest day in three years. Both Bailey and Gobbetti will report to Burberry chairman John Peace. In a separate statement, Burberry also announced it had appointed Julie Brown as Chief Operating and Financial Officer. Brown will join the company in early 2017. Gobetti is currently the chairman and CEO of luxury label Céline and has an impressive resume, having spent 20 years in the industry. Prior to his role at Céline, Gobbetti was the CEO for both Moschino and Givenchy.
