Burberry Boss Paid £2.6m in Nine Months Despite Falling Profits and Job Cuts

Burberry has paid its new chief executive, Joshua Schulman, almost £2.6m in his first nine months in the job, including £380,000 in house moving costs, as the ailing British brand announced hundreds of job cuts.

- Sarah Butler

The company also handed its previous boss, Jonathan Akeroyd, a payoff worth about £1.5m - a year's notice including salary, pension and cash benefits - after he left the company in July last year, according to the group's annual report.

The former Versace boss exited less than three years after he was appointed in 2021.

This year Schulman could earn up to £5.6m if he meets bonus targets, excluding a £3.6m potential bonus if he doubles Burberry's share price in three years with the aim of re-entering the FTSE 100.

He is also in line for a further £25,000 a month in "housing allowance" for just over a year on top of £135,171 to help him find a new home and £120,655 towards transporting his effects from New York. In his first nine months, Schulman was handed a £1.2m bonus on top of his £1.356m in salary, which included the moving allowances.