Burberry axes CEO and dividend, warns on profit

Burberry appointed Joshua Schulman, ex-Michael Kors CEO, and warned of profit shortfalls, canceling its dividend amid a 21% sales drop by June 29. Jonathan Akeroyd departed immediately. The 168-year-old brand, renowned for dressing English upper classes, refocuses on core customers, classic check prints, and second-half improvement, moving away from bold colors.