Burberry has named a new President, Christopher Bailey – and Marco Gobbetti is the company’s new CEO. Baily will also keep the title of Chief Creative Officer.  

In his new role, Bailey will oversee all elements of brand and design, and will work in partnership with Gobbetti on company strategy and culture. Gobbetti is currently CEO at Céline and will begin work at Burberry in 2017.

The WSJ says the new appointments come as a surprise, to many – and replacing Baily with a new CEO is a reaction to declining sales.

However, Bailey said in an email to WWD following the official announcement: “Marco and I will work in partnership to lead the company, with Marco responsible for running the commercial side of the business, while I will focus on all aspects of the Burberry brand and design. Together we will share the responsibility for developing the strategy and culture of the company.”

Both Bailey and Gobbetti will report to the chairman Sir John Peace.