The Great Universal Stores P.L.C. (GUS) and Victor J Barnett today announced that in preparation for the planned partial Initial Public Offering of Burberry Mr. Barnett is standing down as Chairman of Burberry, in order to enable GUS to appoint an independent, non-executive Chairman of Burberry, consistent with customary U.K. practice. John Peace, Group Chief Executive, expressed the appreciation of GUS for Mr. Barnett's extraordinary contributions, as Chairman of Burberry during the past four years, working with Rose Marie Bravo and the Burberry management team, towards the transformation of Burberry into a world-class luxury brand and to the significant increase in the Company's profits.
Mr Barnett will continue to serve as a Director of GUS, a post in which he has served since 1987.
Mr. Brodsky was elected to the Board by the unanimous written consent of Mr. Meyer, Mr. Shapiro and Mr. Victor J. Barnett (a former independent director of the Company who retired from the Board on May 24, 2004).
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