Executive Summary

• Today, L Brands announced that Victoria’s Secret CEO Sharen Jester Turney has decided to resign.
• Turney said her departure is based on her decision to prioritize her family and personal life and consider her next professional steps.
• Leslie (Les) H. Wexner, Founder, Chairman and CEO of L Brands, will assume leadership of Victoria’s Secret.
• L Brands recently reported record 4Q sales, with revenues and EPS ahead of consensus estimates.