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Ahrendts will receive a $25,000 annual clothing allowance and an "overseas allowance" of $610,000 per year for the first five years of employment. That allowance is meant to cover relocation fees and travel costs for Ahrendts; her husband, who is winding down his U.S. construction business to move, and her three children, ages 10, nine and five.
The company will also give her pension contributions worth 30 percent of her base salary, or $390,000 annually. All salary-related figures have been provided by the company in dollars.
Bravo said it was the Burberry board members who asked her to remain with the company in the role of vice chairman.
"I've done two presidential terms, and I'm starting to look — and feel — like Clinton, Bush and Blair, who've all put in a lot of time," said a lighthearted Bravo. "And I'm not Franklin D. Roosevelt!"
She will be working closely with Burberry's chairman, John Peace, as well as with Ahrendts and the executive team on matters of strategy, product and design.
Although she'll remain a Burberry employee, Bravo plans to move back to Long Island, N.Y., her home before she relocated to London eight years ago to take over Burberry. Her new job as vice chairman will take up "at least" 12 days each month.
"The new position is going to give me free time — it's not a 24/7 job like the current one," said Bravo, adding she would be working only for Burberry and planned to retain her board positions at Tiffany & Co. and the Estée Lauder Cos. "I love that I'm going to be able to stay on, and I will do whatever the Burberry business requires in the future."
Bravo added she's looking forward to her future freedom, and plans to spend her moments away from work fulfilling "long-overdue" family obligations, spending quality time with her six grandchildren and devoting more time to her charities.
"It's time to give back," said Bravo, who didn't appear to be wistful or nostalgic about leaving her current position. "It's only a job, not a life, and it's a wonderful moment. I'm glad we can have an orderly succession, and that I have the luxury of staying on to help."