LONDON, United Kingdom — Burberry Group Plc Chief Executive Officer Christopher Bailey sold more than 5 million pounds ($8.6 million) of shares in the U.K.’s largest luxury-goods maker, less than five months after taking the helm.
Bailey sold the majority of two batches of shares he received as a result of exercising nil-cost options yesterday, according to a statement today from the London-based company. He kept a proportion of the shares, which after a sale of stock already owned by him, increased the CEO’s holding by 34,002 shares to 303,110.
Bailey replaced Angela Ahrendts as CEO in May, retaining his role as chief creative officer, which he’s held since 2009. As CEO, he faces a tough task to repeat the success of Ahrendts, who more than doubled sales in almost eight years at the helm, before leaving to head retail at Apple Inc.
Burberry shareholders last month rejected the company’s remuneration report, rebelling against Bailey’s pay package. About 53 percent voted against the report, though the non-binding ballot meant Burberry didn’t have to alter its pay policy.