Christopher Bailey sells £5.2 million in Burberry shares
Recently Christopher Bailey's pay check was the subject of much scrutiny, especially from the investor board at Burberry and with the Institutional Voting Information Service (IVIS) issuing an "amber" top warning on Burberry's executive pay arrangements ahead of the luxury retailer's annual meeting last month.
Today Bailey has sold a portion of his stake in the Burberry Group PLC – shares that he has receieved over the years from his bosses at the British fashion stable. The transaction was valued at £5.2 million, according to filings on the London Stock Exchange on Thursday. The 43-year-old exercised the options on shares from previous years' awards and sold a batch of other shares cashing in around £5.19 million – part of which will be used to pay his tax bill.
Christopher Bailey has been working with Burberry for over 13 years, and retains 303,110 shares worth approximately £4.37 million after the share sell off this week.
A Burberry spokesman said: "Christopher Bailey has exercised the option on a number of shares that he was awarded during his time as chief creative officer.
"As part of this process, the number of Burberry shares he actually owns has increased. There are only certain times of the year when board members of a public company can sell shares, which is why he is doing this now."