In little more than a decade, Burberry, the 170-year-old luxury fashion house, has cycled through four different CEOs in a bid to keep up with the industry’s ever-evolving demands. And as of this morning, a fifth contender is stepping up to the proverbial plate—effective immediately. 

The new CEO, Joshua Schulman, is set to take over from Jonathan Akeroyd, whose tenure at the helm lasted just two years. The replacement appears to be part of an effort to rescue the company from dire financial straits: Alongside the new appointment, Burberry reported that first-quarter revenue was down 21%, with sales declining across all regions. Other luxury companies are experiencing their own money woes as the industry at large faces a slowdown.

Here’s what you need to know about Schulman as he gears up to make plaid hot again:

He’s a seasoned leader in the luxury industry

Schulman, 52, has an extensive résumé that features key positions at a slate of other luxury brands, including Gucci, Coach, and Yves Saint Laurent. He headed the iconic pumps brand Jimmy Choo for five years and later worked as president of New York department store Bergdorf Goodman for another five.

He’s fresh off a seven-month stint at Michael Kors

Schulman most recently served as CEO of Michael Kors from August 2021 to March 2022. He was even slated to take over its parent company, Capri Holdings, before abruptly stepping down.

He’s replacing Akeroyd effective immediately

According to Burberry, Schulman will step in for Akeroyd right away “by mutual agreement with the board.” Prior to this role, Akeroyd led Versace as CEO for almost six years.

“Our first-quarter performance is disappointing,” chair Gerry Murphy told the Associated Press. “We moved quickly with our creative transition in a luxury market that is proving more challenging than expected.”

He’s an L.A. native

Schulman grew up in Los Angeles and later attended New York University and Parsons School of Design in New York. He’s currently in New York City, but will make his way to London to take over at Burberry, which is headquartered there.