Gerry Murphy, Chair of Burberry, said of the decision to replace the CEO: "We moved quickly with our creative transition in a luxury market that is proving more challenging than expected. We are taking decisive action to rebalance our offer to be more familiar to Burberry's core customers whilst delivering relevant newness. We expect the actions we are taking, including cost savings, to start to deliver an improvement in our second half and to strengthen our competitive position and underpin long-term growth."