updated 05:50 pm EDT, Wed April 23, 2014
Surprise news beats expectations
Former Burberry CEO Angela Ahrendts will be joining Apple as its retail head "next week," Apple CEO Tim Cook revealed today during the company's Q2 conference call. Ahrendts has been confirmed as making the switch since last year, but until now neither Apple nor Burberry would give an exact timeframe. In the interim Ahrendts has been helping Burberry transition to her successor, CCO Christopher Bailey.
Last week a Guardian report suggested that Ahrendts might not join Apple until June. Burberry reportedly offered her a bonus of up to £8 million (about $13.5 million) to keep her on board during the transition. Behind-the-scenes negotiations may have allowed Ahrendts to jump ship with less of a penalty.