Who is Burberry’s new CEO and luxury veteran Joshua Schulman?

(Reuters) -British luxury brand Burberry named Joshua Schulman as its new CEO on Monday after warning on profit and scrapping its dividend payment for this year.

He will become Burberry’s fourth CEO in 10 years, replacing Jonathan Akeroyd who was axed after two years in the role.

Schulman starts his new job on Wednesday, with a base annual salary of 1.2 million pounds ($1.56 million).

Here’s what you need to know about Schulman. 

WHO IS HE?

Schulman, 52, is a Los Angeles native who attended New York University and Parsons (NYSE:) School of Design. He has worked in the fashion industry for more than 33 years, including at least 24 in executive positions, according to his LinkedIn profile. 

He will move to London from New York City for the new role.

CAREER

From 2021 to 2022, Schulman was CEO of Michael Kors and was lined up to take over the CEO role at parent firm Capri Holdings (NYSE:) but left just months before that.

He was CEO at Coach and served as brand president from 2017 to 2020. He was credited with turning around the Tapestry (NYSE:) Inc-owned Coach brand.

From 2007 to 2012, Schulman was CEO of Jimmy Choo in London.

Before that, he was at Neiman Marcus Group as president of luxury department store Bergdorf Goodman for five years.

Earlier, he was at Yves Saint Laurent and held roles at Gucci.

WHAT’S THE PLAN?

Schulman will be tasked with Burberry turnaround from a year-long, industry-wide struggle with weak demand for luxury goods, especially in China.

Besides a cost-cutting plan, he will also oversee a product “rebalancing” initiative to include everyday luxury products in Burberry’s portfolio and will lead a refocused marketing plan.

“Its (Burberry’s) original purpose to protect people from the weather is more relevant than ever,” Schulman said in a statement.($1 = 0.7705 pounds)