Burberry CEO sells £5m of shares in company
The chief executive of luxury fashion brand Burberry, Christopher Bailey, has sold £5m of shares in the company, months after he was awarded shares worth £20m.
Bailey has sold off 68,667 shares and almost three quarters of two sets of performance related shares he was handed in 2011 and 2009 during his role as chief creative officer, the Guardian reports.
Burberry commented: "Christopher Bailey has exercised the option on a number of shares that he was awarded during his time as chief creative officer. As part of this process the number of Burberry shares he actually owns has increased. There are only certain times of the year when board members of a public company can sell shares which is why he is doing this now."
As result, Bailey now owns 303,110 shares in the company worth £4.4m, which is 13 per cent more than he previously owned.
Last month shareholders expressed concern over the decision to hand Bailey share awards worth £20m, which will begin next year with no performance targets in place.