After two turbulent years of running the business, Christopher Bailey has been replaced as chief executive by Celine boss, Marco Gobbetti. Following the announcement, shares in the company jumped 8 percent, with shareholders previously voicing their concerns around Bailey’s performance.

The appointment means Bailey will be able to return to his role as president and chief creative officer.

“Christopher has done an excellent job set against a backdrop of challenging market conditions, but we identified the need for a new chief executive for the business who could partner with him,” said Sir John Peace, chairman, Burberry.

Gobbetti has been at the helm of LVMH-owned Celine since 2008 and has experience as chief executive of Givenchy four years before that.

Caption: Marco Gobbetti, new chief executive officer for Burberry