The fashion world was surprised with the recent announcement that Victoria’s Secret CEO Sharen Jester Turney has tendered her resignation. Replacing Turney will be L Brands Inc. CEO Les Wexner. Vicotria’s Secret is a division of L Brands. Turner has been with Victoria’s Secret since 2006 and stated that she is resigning “to prioritize my family and my personal life and consider what’s next for me professionally.”
Turney’s departure creates turmoil, as Victoria’s Secret was L Brands “cash cow”, generating 66% of the parent company’s revenue. Insiders indicated that Turney was considered in line to succeed the 79-year-old Wexner. Wall Street took notice, after the public statement, to Turney’s resignation, causing shares to drop 3.0% to $81.87.
Wexner commented, “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.”
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