Victoria's Secret CEO Sharen Turney Resigns--Update
13 February 2016 - 8:24AM
Dow Jones News
By Suzanne Kapner and Austen Hufford
Victoria's Secret Chief Executive Sharen Turney is resigning
after 10 years building the brand to be a top lingerie maker for
the masses.
L Brands Inc. which owns Victoria's Secret, said Friday its CEO
Leslie Wexner would take over the role. The company didn't say
whether it would search for a permanent replacement.
Shares of the L Brands, which also owns Bath & Body Works,
turned negative on the midday news, falling 5.1% to $79.75.
Ms. Turney said she was stepping down to focus on her family and
personal life, as well as to consider what is next professionally.
She will continue to serve as an adviser to the business.
In her 16 years with the company, Ms. Turney, cemented its
reputation as the leading lingerie retailer for the mass market.
Known for elaborate marketing, including its annual fashion show
featuring scantily clad models, Victoria's Secret has avoided many
of the pitfalls faced by other mall retailers, which have seen an
erosion in traffic and sales.
Monthly same-store sales had been growing since November 2013
until a rare miss in January, when sales excluding newly opened or
closed locations fell 4%.
Victoria's Secret now has annual sales of $7.67 billion across
about 1,000 retail locations. The store generates the bulk of the
revenue at L Brands.
The second oldest of five siblings, Ms. Turney grew up on a farm
in Ardmore, Okla. She joined Neiman Marcus in 1989 and held various
roles before being named CEO of Neiman Marcus Direct, which
includes the retailer's catalog and e-commerce business.
Mr. Wexner, 78, opened the first Limited store in Columbus,
Ohio, in 1963. The company bought Victoria's Secret, which then had
six stores and a mail-order catalog, for $1 million in 1982.
"We are very grateful to Sharen for her leadership and all that
she has accomplished," Mr. Wexner said. "I look forward to taking
on a more active role and working with the talented leadership team
at Victoria's Secret."
Write to Suzanne Kapner at Suzanne.Kapner@wsj.com and Austen
Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 12, 2016 16:09 ET (21:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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