Limited Brands shook things up yesterday by announcing a
slew of executive appointments, including a managerial restructuring of its
most profitable division, Victoria's Secret.
First and foremost, the company tapped Ken Stevens, the former president and
ceo of the company's Express brand, as evp and cfo of Limited
Brands. Stevens has been credited with the recent financial turnaround of
the Express business, which up until last holiday season, had been
struggling to regain the strong sales numbers and appeal it once had.
Previous to his work at Express, Stevens was president of the company's Bath
& Body Works division. He has also held senior management positions with
PepsiCo, Bank One Retail Group and various integrated communications and
consulting companies, including McKinsey & Co.
Victoria's Secret is moving to an integrated business structure with one
model for all of its divisions, which include Victoria's Secret Stores,
Victoria's Secret Beauty, Victoria's Secret Direct, Pink, Intimissimi, Sexy
Sport and all future concepts.
Sharen Turney will lead the new Victoria's Secret group as ceo and
president. Since 2000, Turney has headed up Victoria's Secret Direct, the
catalogue and e-commerce arm of Victoria's Secret.
Stritzke will join Turney as coo of the VS group. He most recently was
ceo of Mast Industries, the sourcing and production arm of Limited
Brands.
Rick Paul is being promoted to president for Mast, replacing Stritzke.
Paul previously led Mast's Far East operations.
Mindy Meads, a former Sears executive, will replace Turney as the ceo of
Victoria's Secret Direct. Rick Jackson will join her as coo of the business.
Meads, formerly president and ceo of Lands' End, has more than 30 years of
experience as a merchant, including the last 15 years leading and
re-energizing the Lands' End product line.
Jackson, who joined Limited Brands in 1998, has been serving as
executive vp of logistic operations in Limited Logistics Services Inc.
Christine Beauchamp is being promoted from president and gmm to ceo and
president of Victoria's Secret Beauty. Leslie Wexner, ceo of Limited Brands,
has revealed in past analyst meetings that Victoria's Secret beauty business
will be a key growth area in the brand's future.
Grace Nichols will continue as ceo of Victoria's Secret Stores through early
spring of 2007. After that, she will work with Limited Brands leadership to
develop a new role and transition to it at that time. Nichols has been with
Limited Brands for 20 years, 14 of which were spent as ceo of Victoria's
Secret Stores.
