Victoria’s Secret CEO Sharen Jester Turney has announced her resignation from the company after a decade as its head. Following the departure of Maureen Chiquet from Chanel last month, Turney is the next prominent female exec in fashion to step down.
Turney has served at the lingerie retailer for 16 years and was promoted to Chief Executive in 2006. During her tenure, Turney has been largely successful in transforming the retailer’s brand image and has helped make Victoria’s Secret the prestigious, popular brand it is today. Turney single-handedly grew sales by 70% since her advancement.
Last week, a 7% increase in sales was recorded as the company made $2bn in its fourth quarter.
In a statement about her departure, Turney said that she is choosing to "prioritise family and my personal life and consider what's next for me professionally". She plans to remain with the company as an advisor.
Turney will hand over the Chief Executive position to Les Wexner, the CEO of L Brands Inc fashion group of which Victoria’s Secret is part of and makes 60% of its overall revenue.
Before her recent announcement, Turney was seen as a likely successor to Wexner who is now 79.
"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 $7.7bn and profit has increased substantially during her years as CEO. While she will be missed, we support her in her choice and wish her well," said Wexner.
"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."