The CEO of Victoria’s Secret Lingerie, Jan Singer, has resigned after a little more than two years in the role. Singer, the former CEO of Spanx, was put in charge of Victoria’s Secret in May 2016, but the once-dominant player in intimate apparel has been steadily losing market share to more Millennial-focused brands such as Aerie, Adore Me and ThirdLove.
The departure marks the latest in a string of leadership changes at the retailer. Singer replaced longtime Victoria’s Secret head Sharen Jester Turney, who abruptly retired as CEO of the lingerie brand after a decade. In August, the company announced the retirement of Denise Landman, CEO of Victoria’s SecretPINK. Landman’s replacement is Amy Hauk, President of Merchandising and Product Development at Bath & Body Works.
L Brands, parent company of the Victoria’s Secret brands and Bath & Body Works, has been struggling in recent years to maintain profitability. The company has cut its full-year earnings guidance twice this season, first from a range of $2.95 to $3.25 per share to $2.70 to $3.00 per share, and then again to $2.45 to $2.70 per share.
L Brands is expected to share more details about Singer’s departure on Nov. 20 when L Brands reports quarterly earnings. L Brands expects to report a Q3 loss of approximately $0.17 per share. This number will include a total charge of approximately $0.32 per share related to a $20 million charge stemming from the shuttering of the Henri Bendel luxury brand, and another $80 million related to Victoria’s Secret store assets.
Coty, Sally Beauty Execs Resign
Singer’s departure isn’t the only C-level resignation that has occurred within the fashion and beauty realm recently. The chief executive at the New York-based beauty brand Coty, Camillo Pane, resigned from the post for personal reasons. The company appointed Pierre Laubies to replace him and take a spot on the board, effective immediately. Until recently, Laubies was CEO of global beverage brand Jacobs Douwe Egberts (JDE).
The switch follows the company’s disappointing Q1 performance, which Pane had blamed on worse-than-expected supply chain disruptions. Pane oversaw the integration of more than 40 beauty brands stemming from Coty’s 2015 acquisition of Procter & Gamble’s cosmetics arm.
Additionally, Carrie McDermott, President of Sally Beauty Supply, resigned from her position in October to take over as CEO of PetPeople. Sally Beauty named Senior VP and CFO Aaron Alt to fill the role.