Burberry appoints a new CEO as the fashion house warns it expects a first-half operating loss

British luxury fashion house Burberry has appointed Joshua Schulman as its new chief executive officer. The unexpected announcement came as the company warned it expected to record an operating loss in the first half of the year. Fifty-two-year-old Schulman was formerly head of Michael Kors and Coach. He replaces Jonathan Akeroyd, who the company says is stepping down and leaving the firm with immediate effect “by mutual agreement with the board.” Burberry said the luxury market was “proving more challenging than expected." Burberry shares plunged more than 11% soon after markets opened Monday.