Victoria’s Secret CEO resigns to focus on family and personal life

Victorias Secret CEO stepping down

Victoria’s Secret CEO Sharen Jester Turney is calling it quits after 16-years at the lingerie chain.

In a statement released on Friday, Turney said she plans to retire from the CEO she has held for 9 of her 16 years, but stay on as an adviser to the company.

Before taking over the CEO role in 2006 she previously served as president and CEO of Victoria’s Secret Direct.

In a statement, Turney said she was resigning to “prioritize my family and my personal life and consider what’s next for me professionally.”

Turney is choosing to resign after a quarter in which Victoria’s Secret posted a very strong $2 billion in sales, an increase of 7%.

The chains parent company, L Brands, achieved record sales, in large part because of Turney’s leadership at Victoria’s Secret.

L Brands CEO and Chairman Leslie Wexner will take over her role for the time being.

“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,” said Wexner.

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Written by Tammy Johnson

Tammy Johnson

Tammy Johnson is the Retail Editor at BusinessPundit. She focuses on Fortune 500 retail company's and disruptive brick-and-mortar and e-commerce companies that are changing the retail landscape.