Victoria’s Secret CEO resigns; Wexner steps in

L Brands chairman and CEO Leslie Wexner is assuming leadership of the company’s biggest division, Victoria’s Secret, after the retailer announced that CEO Sharen Jester Turney had resigned. Her sudden and unexpected departure follows a tremendous growth run for the brand.



Turney spent 16 years with Victoria’s Secret, joining the brand in 2000 as president and CEO of Victoria’s Secret Direct. She became CEO of brand in 2006. She will continue to serve as an advisor to the business, according to an L Brands statement.



“We are very grateful to Sharen for her leadership and all that she has accomplished. Victoria’s Secret sales have increased more than 70% to $7.7 billion and profit has increased substantially during her nine years as CEO,” Wexner said. “While she will be missed, we support her in her choice and wish her well. 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.”



Turney said her years with Victoria’s Secret were the most exciting and rewarding of her career, but after 16 years and a record fourth quarter it was time to move on.



“I have decided to prioritize my family and my personal life and consider what’s next for me professionally. I leave the Victoria’s Secret business well-positioned for the next chapter of growth; a strong brand with great momentum,” Turney said. “I take great satisfaction and pride in what our team has accomplished, including tremendous growth and the development of a world class team.”