British luxury brand Burberry is making significant changes following a disappointing quarter that saw sales drop more than 20%. CEO Jonathan Akeroyd is leaving the company immediately, replaced by luxury wear veteran Joshua Schulman. Burberry has also issued a profit warning and suspended its dividend, causing its stock to plummet. Chairman Gerry Murphy called the brand's quarter "disappointing" and acknowledged the challenges in the luxury marketplace. To combat this, Burberry plans to target high-end spenders and introduce "broader everyday luxury" items, along with launching a new website in August. Retail analysts attribute Burberry's struggles to softer demand for luxury goods and ineffective revitalization efforts under Akeroyd. The brand hopes that a new CEO will bring about the necessary changes to improve its competitive position and support long-term growth.