L Brands announced Friday that Victoria’s Secret CEO Sharen Jester Turney has resigned.
Turney has been with the company for nearly 16 years, joining as President and CEO of Victoria’s Secret Direct in 2000 and assuming responsibility for the brand as CEO in 2006.
According to a press release issued by L Brands on Friday, Turney has decided to prioritize her family and her personal life and consider what’s next for her professionally.
“My years with Victoria’s Secret have been the most exciting and rewarding years of my career,” Turney said. “I leave the Victoria’s Secret business well-positioned for the next chapter of growth … a strong brand with great momentum. I take great satisfaction and pride in what our team has accomplished, including tremendous growth and the development of a world-class team.”
Leslie H. Wexner, Chairman and CEO of L Brands, will assume leadership of Victoria’s Secret. Turney will continue to serve as an advisor to the business.
“Victoria’s Secret sales have increased more than 70% to $7.7 billion and profit has increased substantially during her nine years as CEO,” said Wexner in the press release. “We have strong confidence in the strength of the brand and our growth opportunities, and I look forward to taking on a more active role and working with the talented leadership team at Victoria’s Secret.”
In November, L Brands, which includes Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel, reported that its net sales for the quarter increased 7% to $2.482 billion and comps increased 7%.
For its third quarter, Victoria’s Secret’s total sales increased 8% to $1.6 billion and comps increased 7% on top of 3% last year. Operating income of $211 million was up $19 million or up 10% to last year.