Victoria's Secret CEO Sharen Turney Resigns--Update

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 [e-mail] and Austen Hufford at [e-mail]

(END) Dow Jones Newswires

February 12, 2016 16:09 ET (21:09 GMT)

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