L Brands' CEO Wexner To Run Victoria's Secret
February 13 2016 - 2:02AM
Dow Jones News
(FROM THE WALL STREET JOURNAL 2/13/16)
By Suzanne Kapner and Austen Hufford
Victoria's Secret Chief Executive Sharen Turney is resigning
after 10 years at the helm of a brand that has grown to be a top
lingerie maker for the masses over 10 years.
L Brands Inc. which owns Victoria's Secret, said on 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 Columbus, Ohio-based L Brands, which also owns Bath
& Body Works, fell 2.5%, or $2.13 a share, to $81.87 at 4 p.m.
in New York trading on Friday.
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 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 years old, 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."
(END) Dow Jones Newswires
February 13, 2016 02:47 ET (07:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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