Amy Hawke, CEO of Victoria’s Secret, has suddenly resigned

New York
CNN Business
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The company said on Tuesday that Amy Hawke, CEO of the Victoria’s Secret brand, had stepped down after less than a year taking the job.

The company said Hook, who was also CEO of the company’s pink clothing brand aimed at teens, notified the company of her resignation last week. She will leave Victoria’s Secret in March.

Martin Waters, CEO of the brand’s parent company, Victoria’s Secret & Co., will take over as the brand’s CEO.

Shares of Victoria’s Secret fell 8% on the news during after-hours trading on Tuesday.

Victoria’s Secret has struggled in recent years as some customers have rejected its marketing full of “angel” models and catwalks and turned to specialty bra brands. Victoria’s Secret has also become embroiled in turmoil because of founder Leslie Wexner Relationships with Jeffrey Epsteinher clothes have become out of fashion among some old buyers.

company Fixed its ads, began using a wide range of models and concluded the Angels Fashion Show. The company also bought Adore Me, an upstart competitor, for $400 million. That deal closed last week.

But Victoria’s Secret sales have been uneven since the start of the pandemic.

Sales slumped in 2020 during the height of Covid-19 but picked up again in 2021. They are expected to drop by up to 7% this year.