Martin Waters, currently CEO of Victoria’s Secret Lingerie, has been promoted to CEO of the Victoria’s Secret business

Martin Waters, currently CEO of Victoria’s Secret Lingerie, has been promoted to CEO of the Victoria’s Secret business

The CFO of L Brands and interim CEO of the Victoria's Secret business, Stuart Burgdoerfer, has announced his intention to retire.

Martin Waters, currently CEO of Victoria's Secret Lingerie, has been promoted to CEO of the Victoria's Secret business and will assume those responsibilities with immediate effect.

Burgdoerfer will remain in his CFO role through to August 2021. The company has initiated a search for his successor.

The board and management say they remain committed to separating the Victoria's Secret and Bath & Body Works businesses, with a completion target of August 2021. All options, including a spin-off of the Victoria's Secret business into a public company or a private sale of the business, are being evaluated.

Due to strong January results, the company is raising its earnings guidance for the fourth quarter from $2.70 to $2.80 per share to $2.95 to $3.00 per share. The company expects to report a fourth quarter comparable sales increase of 10%, consisting of a 22% increase at Bath & Body Works and a 3% decrease at Victoria's Secret.