Martin Waters has been named CEO of Victoria’s Secret Lingerie

Martin Waters has been named CEO of Victoria’s Secret Lingerie

L Brands has outlined a leadership shakeup at its Victoria's Secret business, including the promotion of Martin Waters to CEO of Victoria's Secret Lingerie.

Waters replaces John Mehas who has served in the role since February 2019 and will report to Stuart Burgdoerfer, interim CEO of Victoria's Secret and CFO of L Brands.

Waters joined L Brands in 2008 as head of the international division. Under his leadership, the international business has expanded from the early phases of incubation to more than 700 stores globally.

The reshuffle has also seen the appointment of Janie Schaffer to chief design officer of Victoria's Secret Lingerie and Becky Behringer promoted to executive vice president of North America store sales and operations.

In addition, Laura Miller has been named chief human resources officer.

"Martin Waters is an experienced retail executive who has led our international business for the past 12 years. He is an exceptional leader and is widely respected both within and outside of our business," Sarah Nash, chair of L Brands' board of directors, said.

She added today's (25 November) appointments will continue to drive the business forward and reposition it for success. 

L Brands moved to a profit for the third quarter, reporting net income of US$330.6m compared to a net loss of $252m last year, when it was hit by some impairment charges. Net sales for the period ending 31 October were up 14.2% to $3.06bn from $2.68bn last year, while comparable sales increased 28%. 

Specifically, Victoria's Secret sales in the period were 14.2% lower year-on-year at $1.35bn. Conversely, sales at Bath & Body Works were 54.9% higher at $1.7bn.