Victoria's Secret CEO Sharen Turney Resigns

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 [e-mail]

(END) Dow Jones Newswires

February 12, 2016 14:05 ET (19:05 GMT)

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