Marco Gobbetti is stepping down as CEO of Burberry, and will leave his post at the end of 2021 after nearly five years on the job.

The company said Monday he is leaving to take up another opportunity "that will enable him to return to Italy and be closer to his family.

He will be taking up the role of general director and CEO of Salvatore Ferragamo.

The hunt is on for his successor, said Burberry, adding that Gobbetti will work with chairman Gerry Murphy to provide full support to the executive leadership team on an orderly transition.

At Ferragamo, Gobbetti will step into the shoes of Micaela Le Divelec Lemmi, who was appointed in 2018.