The boss of Burberry, Joshua Schulman, is reported to have received £2.6m in the first nine months in his role, despite the group announcing job cuts.
Schulman could earn up to £5.6m this year if he meets bonus targets.
He could also receive £25,000 per month for over a year in “housing allowance”, alongside £135,171 to help him find a new home, £120,655 towards transporting his belongings from his previous residence in New York, and five months of housing allowance already paid, as reported by The Guardian.
The luxury brand also gave a payout of around £1.5m to former boss Jonathan Akeroyd, according to Burberry’s group annual report. This amounted to a year’s notice, including salary, pension and cash benefits after he left in July 2024.
The news of directors’ pay arrives soon after Burberry revealed plans to cut around 1,700 global jobs by 2027 to combat falling profits.
The retailer divulged these plans when it reported an annual loss of £66m, a fall from a profit of £383m before.
Schulman announced a plan to cut around a fifth of the brand’s global workforce, aiming to bring £60m in additional cost savings on top of a £40m savings programme unveiled in November.
Burberry’s annual report showed the number of employees has dwindled by more than 870 to 8,459 year on year.
Directors also said in the report that shareholders were consulted about Schulman’s pay.
They said: “The majority of shareholders appreciated the circumstances of Josh’s recruitment and were supportive of the design of Josh’s ongoing remuneration arrangements, the approach to his annual bonus for [the last year] and his recruitment award.”
They added that directors were “mindful of the feedback received from some of our shareholders during the consultation and took this into account when determining the final level of bonus payout”.
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