Victoria's Secret CEO Sharen Turney Resigns
February 12 2016 - 1:17PM
Dow Jones News
By Austen Hufford
L Brands Inc. said Friday that Victoria's Secret Chief Executive
Sharen Turney would resign and her responsibilities would be taken
over by L Brands CEO Leslie Wexner.
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 became chief executive of the lingerie retail chain
in 2006. She said she was stepping down to focus on her family and
personal life, as well as to consider what is next
professionally.
Earlier this month, Victoria's Secret reported a surprise 4%
decline in its January same-store sales compared with a year
before.
Mr. Wexner 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.
Victoria's Secret now has annual retail and direct sales of
$7.67 billion across about 1,000 retail locations. The store
generates the bulk of the revenue at L Brands.
"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 Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 12, 2016 13:02 ET (18:02 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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