The CEO of Victoria’s Secret resigns
February 12, 2016 03:49 PM
Lingerie brand Victoria’s Secret has a new leader.
Sharon Jester Turney on Friday resigned as CEO of Victoria’s Secret, calling it a personal decision. Parent company L Brands Inc., No. 28 in the Internet Retailer 2015 Top 500 Guide, says Turney will stay on in an advisory capacity and will not be leaving the company entirely. She had been at the helm of the company for a decade. Succeeding her will be Leslie Wexner, current chairman and CEO of L Brands.
“Victoria’s Secret sales have increased more than 70% to $7.7 billion and profit has increased substantially during her nine years as CEO,” Wexner said. “While she will be missed, we support her in her choice and wish her well.”
In its Q4 and full year earnings statement released last week, L Brands reported Victoria’s Secret Direct, which encompasses web and catalog sales, generated $1.56 billion in sales in 2015, up 3.3% from $1.51 billion a year earlier. Victoria’s Secret’s total sales in 2015 were $7.67 billion, up 6.4% from $7.21 billion in 2014.