The spinoffs of L Brands’ two divisions are on track.
The retailer said that its plan to separate Bath & Body Works and Victoria’s Secret into standalone publicly listed companies remains on track to be completed in August 2021.
L Brands also announced that it has appointed Big Lots veteran Tim Johnson as CFO of Victoria’s Secret. He will succeed Stuart Burgdoerfer who will retire when the spinoff is completed.
Johnson joined Big Lots in 2000 as director of strategic planning and went on to hold a series of roles with increasing responsibilities. Most recently, from 2015 to 2019, he served as executive VP, CFO and chief administrative officer.
In addition, Wendy Arlin, currently senior VP of finance and controller for L Brands, will become CFO of Bath & Body Works. Prior to joining the company, in 2005, she was an audit partner with KPMG.