Sharen Turney, the chief executive officer of Victoria’s Secret is stepping down to focus on family and personal life after 16 years at the L Brands Inc.-owned company – Nasdaq.com reports.
Turney spent a total of 16 years with Victoria’s Secret but 10 years of that was spent as the company’s CEO, helping to grow and expand the lingerie business into the popular brand it is today.
Seventy-eight-year-old Leslie Wexner is the founder and CEO of L Brands which he founded in 1963 in Columbus, Ohio, and the company bought Victoria’s Secret which only had 6 stores and a mail-order catalog at the time for $1 million in 1982.
Wexner might be taking over again as the CEO of Victoria’s Secret after Turney’s resignation, and it is not too clear if the company would be looking to fill the position much later with a permanent replacement. Turney will continue to advise the company while searching for what else to do professionally.
Under Turney’s management, Victoria’s Secret became the top mass retailer for the lingerie market, and it held its yearly annual fashion show where scantily-dressed models are the main attraction.
The business has over 1,000 retail locations and makes about $7.67 billion annually, of which a majority of this revenue is made at L Brands.
"We are very grateful to Sharen for her leadership and all that she has accomplished," Wexner said. "I look forward to taking on a more active role and working with the talented leadership team at Victoria's Secret."
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Turney grew up on a farm in Ardmore, Oklahoma; the second-born in a family of five siblings. She started work with Neiman Marcus in 1989 and became the CEO of Neiman Marcus Direct years later after holding several positions before joining Victoria’s Secret.