People walk past a Victoria’s Secret store in Barcelona.
John Milner | LightRocket | Getty Images
Victoria’s Secret parent L Brands said Thursday that Chief Financial Officer Stuart Burgdoerfer will retire and leave the company later this year.
Burgdoerfer is also serving as interim CEO of the lingerie retailer.
Shares were up nearly 5% early Thursday. They’ve risen about 85% over the past year, bringing the company’s market value to $12.74 billion.
The company has been going through a reorganization as it tries to stabilize its flagship brand. It’s benefited from strong sales at its other retail chain, Bath & Body Works, during the pandemic, as Americans stock up on soap and hand sanitizer.
It reported stronger-than-expected holidays, with same-store sales growing 5% as shoppers bought pajama pants and candles. Its same-store sales dropped 3% during the prior holiday season.
L Brands said Martin Waters, currently CEO of Victoria’s Secret Lingerie, will now lead Victoria’s Secret business. He will step into that role immediately.
Burgdoerfer will remain in CFO through August 2021.
