L Brands CFO Stuart Burgdoerfer announces retirement
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L Brands, Inc. has announced that Stuart Burgdoerfer has communicated to the board of directors his desire to retire as CFO of L Brands and Interim CEO of the Victoria’s Secret business. The company said in a statement that Martin Waters, currently CEO of Victoria’s Secret Lingerie, has been promoted to CEO of the Victoria’s Secret business and will assume those responsibilities effective immediately. Waters will report to Andrew Meslow, CEO of L Brands.
Due to strong January results, the company is also raising its earnings guidance for the fourth quarter from 2.70 dollars to 2.80 dollars per share to 2.95 dollars to 3 dollars per share. The company expects to report a fourth quarter comparable sales increase of 10 percent, consisting of a 22 percent increase at Bath & Body Works and a 3 percent decrease at Victoria’s Secret.
L Brands CFO to retire, Martin Waters is the new CEO of Victoria’s Secret business
“The Board and I are extremely grateful to Stuart for his leadership during his 20-year career at L Brands,” said Sarah Nash, Chair of L Brands’ board of directors, adding, “In the last 9 months, he has led the turnaround of the Victoria’s Secret business in addition to continuing to lead L Brands’ finance organization as CFO.”
Waters, the company added, joined L Brands in 2008 as head of the international division and was promoted in November 2020 to CEO of Victoria’s Secret Lingerie. Under his leadership, the international business has expanded from the early phases of incubation to more than 700 stores globally. Prior to his role with L Brands, Waters was managing director for Boots International, Europe’s leading health and beauty retailer.
Meslow said: “Martin Waters is an experienced retail executive who has led our international business for the past 13 years and recently stepped into the role of CEO of Victoria’s Secret Lingerie. He is widely respected both inside and outside of our enterprise, and we are confident he will continue the momentum and progress in the Victoria’s Secret business.”
Picture:L Brands resources