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Victoria’s Secret CEO Resigns Suddenly

Victoria’s Secret long-time CEO Sharen Jester Turney stepped down suddenly after being with the intimates brand for nearly 16 years, parent company L Brands said in a statement Friday.

Leslie H. Wexner, L Brands chairman and CEO will assume leadership of Victoria’s Secret, though Turney will remain an advisor to the business.

Turney cited personal reasons for her decision to leave.

“After 16 years and a record fourth quarter at Victoria’s Secret, I have decided to prioritize my family and my personal life and consider what’s next for me professionally,” the now former CEO said in a statement. “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.”

L Brands, also the parent company of Pink, Bath & Body Works, La Senza and Henri Bendel, reported fourth quarter earnings last week, with net sales up 8 percent to $4.4 billion. Comparable store sales for the three-month period ended Jan. 30 were up 6 percent. The company will report its full fourth-quarter earnings on Feb. 25.

“We are very grateful to Sharen for her leadership and all that she has accomplished; Victoria’s Secret sales have increased more than 70 percent 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,” Wexner said. “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.”