Burberry COO Leaving

Burberry Group PLC Chief Operating Officer John Smith will leave the retailer next year, the company said. The British apparal retailer said Smith is leaving to pursue new interests. 

The former chief executive of BBC Worldwide will depart in the summer of next year, four years after becoming Burberry's COO. Smith first joined Burberry as a nonexecutive director in December 2009. He served as head of the BBC's commercial arm from 2004 to 2012 and was seen by some recruiters as a candidate for Burberry's next CEO.

Smith's departure comes as pressure has mounted on Burberry CEO Christopher Bailey to cut costs and lay a path for stronger revenue growth as the company has been hit by slowdowns in markets like Hong Kong and the U.S.