Burberry finance chief quits

Rose Marie Bravo's Burberry is losing its chief operating and financial officer, Michael Metcalf, who has decided to "look for new opportunities" outside the fashion and luxury goods group.

Burberry dismissed suggestions of any boardroom rift, saying the departure is entirely amicable. Metcalf, who earned almost £1 million in pay and bonuses last year, will stay until the end of next March and will not get any compensation payment. The search for a replacement is already under way.

Metcalf has been with Burberry for five years but, at the age of 51, is thought to be keen to secure a chief executive position. Before joining the luxury goods group, he was chief executive of Thorn.

Bravo was generous with her praise for Metcalf today: "We will be sorry to see Mike go but we respect both his decision and the thoughtfulness with which he is orchestrating his departure.

"In his five-year tenure, Mike has made a very real contribution to Burberry, overseeing significant operational change as well as preparing the group for last year's partial IPO.

Burberry braved turbulent markets when it floated last year. Former parent company GUS retains a 77% stake. Burberry shares were today down 3p at 2941/2p, against the float price of 230p.

Metcalf will retain options on more than 194,000 shares, exerciseable at the float price. At today's level, they are worth £577,000.