Victoria’s Secret’s Head of Stores is Stepping Down

Wall Street learned this week in a CNBC report that April Holt, the head of L. Brands’ lingerie division Victoria’s Secret, would be leaving the company.

Holt has been with the division for over 16 years and had been overseeing the chain’s real estate. There was no reason given for her resignation.

Becky Kritek-Behringer, currently senior vice president of store operations, will assume some of her
responsibilities until a successor is named.

Victoria’s Secret has also cut 50 from its headquarters’ staff. The division cut about 50 people on Wednesday and Thursday, ranging from senior leaders to junior staffers, at its Columbus, Ohio, headquarters. This is about 15% of Victoria’s Secret’s employees at the brand’s home office.

“We’re on the all-important journey to turn around the Victoria’s Secret business,” an L Brands spokesperson told CNBC.

The spokesperson added, “As we’ve said, everything is on the table including having the right talent in the right places. Today we announced new leadership positions and organizational changes that help us simplify the business which allows us to be more agile. We believe these efficiencies are crucial to the evolution of our brand.”

“Ms. Holt’s reported decision to step down is, to us, another signal that the company’s turnaround strategy is failing to gain traction,” remarked Jefferies analyst Randal Konik. “Against a backdrop of ongoing heavy promo activity, we continue to see risk ahead for L Brands.”

“We don’t find it overly surprising that key executives may be seeking greener pastures,” he added.

Disclaimer: We have no position in L Brands Inc. (NYSE: LB) mentioned and have not been compensated for this article.