Victoria’s Secret’s long-time CEO Sharen Jester Turney has announced her resignation.
Following the departure of Garry Hogarth from Agent Provocateur earlier this month, Turney is the next prominent lingerie exec to step down.
She has been with the company for nearly 16 years, joining as president and CEO of Victoria’s Secret Direct in 2000 and assuming responsibility for the brand as CEO in 2006.
During her tenure, she has turned Victoria’s Secret into a global powerhouse, with sales up 70% since her appointment.
Last week, a 7% increase in sales was recorded as the company made $2bn in its fourth quarter.
L Brands, which owns Victoria’s Secret, said that Leslie H. Wexner, chairman and CEO of L Brands, will assume leadership of the global retailer, while Turney will remain an adviser for the business.
In a statement, Turney said that she is choosing to "prioritise family and my personal life and consider what’s next for me professionally".
“My years with Victoria’s Secret have been the most exciting and rewarding years of my career. I leave the Victoria’s Secret business well-positioned for the next chapter of growth … a strong brand with great momentum. I take great satisfaction and pride in what our team has accomplished, including tremendous growth and the development of a world-class team,” she added.
Wexner said: “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. 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.”