Burberry boss earns £2.6m as 1,700 jobs face axe

It has come to light that Burberry’s Chief Executive Officer, Joshua Schulman, has earned nearly £2.6 million in his first nine months at the helm of the British heritage brand, just as the company embarks on plans to slash a fifth of its global workforce.

Schulman’s remuneration package, disclosed in Burberry’s annual report, includes £1.356 million in fixed salary and a £1.2 million bonus in addition to a reported £380,000 in relocation costs.

The former Coach and Michael Kors CEO is also eligible for a further £5.6 million this year, should he hit performance targets. He will receive a separate £3.6 million if he succeeds in doubling Burberry’s share price over the next three years, which would likely return the brand to the FTSE 100.

The report also reveals that Schulman receives a monthly housing allowance of £25,000, in addition to nearly £256,000 in associated relocation support. This includes a £135,000 home-finding allowance and £120,000 to move his belongings from New York.

His predecessor, Jonathan Akeroyd, who exited the business in July 2024, received a £1.5 million payoff (equivalent to one year’s salary and benefits) after less than three years in the role.

Earlier this month, the brand reported a £66 million annual loss, down from £383 million in profit the previous year. This led Schulman to strategise a restructuring, which includes cutting approximately 1,700 roles globally by 2027.

Schulman’s plans are expected to save £100 million, which is £60 million on top of £40 million previously announced in November. The group has already reduced its headcount by over 870 in the past year.

The scale of executive pay juxtaposes workforce reductions, sparking criticism. However, Burberry's board said it had consulted shareholders on Schulman’s pay, with most reportedly supportive of the package. The report stated that "the majority of shareholders appreciated the circumstances of Josh’s recruitment."