Victoria's Secret's longtime CEO has suddenly resigned
L Brands
Victoria's Secret's longtime CEO, Sharen Jester Turney, is resigning, according to a release from the parent company L Brands.
Turney has worked with Victoria's Secret for almost 16 years. She was the president and CEO of Victoria's Secret Direct as of 2000, and she became CEO of the flagship company in 2006.
According to the release, she is leaving the brand to focus on her family and her life outside work.
"After 16 years and a record fourth quarter at Victoria's Secret, I have decided to prioritize my family and my personal life and consider what's next for me professionally," she said in the release. "My years with Victoria's Secret have been the most exciting and rewarding years of my career. 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."
L Brands
This comes at a time when Victoria's Secret is stronger than ever. It continually brings in explosive sales. As of now, it holds 61.8% of the lingerie market, according to IBIS World.
Though Turney will still advise the brand, Les Wexner will oversee Victoria's Secret. Wexner is CEO and chairman of L Brands and is credited with making Victoria's Secret female-friendly.
He seems optimistic about the future of the lingerie behemoth.
"We are very grateful to Sharen for her leadership and all that she has accomplished; Victoria's Secret sales have increased more than 70% to $7.7 billion and profit has increased substantially during her nine years as CEO," he said in a statement in the release. "While she will be missed, we support her in her choice and wish her well.
"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."
Victoria's Secret declined to comment beyond the release.
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