News Feb 23, 2016 09:33 AM EST

Victoria's Secret CEO Announced Resignation, Parent Company's CEO to Assume Leadership

By Staff Writer

Lingerie brand Victoria's Secret has replaced its CEO after its former chief of ten years resigned from the position. Sharen Turney announced her resignation on Friday, a move considered unexpected and very abrupt without much notice. It's been 16 years after Turney first joined the brand, and 10 years after she was appointed as the CEO.

The official statement said that Turney was leaving the company to focus on her family and her life outside of work. "After 16 years and a record fourth quarter at Victoria's Secret, I have decided to prioritize my family and my personal life and consider what's next for me professionally. My years with Victoria's Secret have been the most exciting and rewarding years of my career. I leave the Victoria's Secret business well positioned for the next chapter of growth ... a strong band with a great momentum. I take great satisfaction and pride in what our team has accomplished, including tremendous growth and the development of a world-class team," Turney stated in a release.

According to Mail Online, Turney is believed to have been earning more than $10 million a year. She's been married to her husband Charles for more than 25 years. Their 21-year-old son, Matthew, is now a student at a Southern Methodist University in Dallas and spent the summer as an investment banking summer analyst at Citi.

Business Insider noted that the news concerned investors as they speculate about the prospects of the brand after Turney's departure. Likewise, the shares of the parent company, Colombus-based L Brands Inc., was crashed on the news, even so the lingerie brand has not shown any turmoil in recent years.

In fact, Victoria's Secrets still continually brings in strong sales and constant growth. Multichannel Merchantreported that Victoria's Secret sales have increased more than 70 percent to $7.7 billion and profit has increased substantially during the last decade.

The brand has been dominating the lingerie industry with 61.8 percent holds of the market. The company and some analysts assured investors that Turney's leave will not undercut the brand's success. Especially because the position will be filled by L Brands founder and CEO, Les Wexner. "We have strong confidence in the strength of the brand and our growth opportunities, and I look forward to taking on a more active role and working with the talented leadership team at Victoria's Secret," he said in a release. Les Wexner personally appointed Turney as the brand's CEO a decade ago.

Victoria's Secret CEO Sharen Turney's resignation was considered abrupt and unexpected, partly because the brand has been growing constantly in the recent years. However, Turney stated that her reason to leave was personal, and she will remain as an advisor to the brand as the parent company's founder and CEO Les Wexner take the helm.

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