Here are just a few of the interesting executive changes making headlines over this past week:
Victoria’s Biggest Secret May Be What Caused CEO Turney to Depart
Lingerie retailer Victoria’s Secret is abruptly losing its female CEO of nearly a decade. Sharen Jester Turney was widely seen as the likely successor to Les Wexner, chairman and CEO of L Brands, the retail conglomerate and parent of Victoria’s Secret. In her resignation, Turney stated that she was leaving for strictly personal reasons, needing to prioritize her family life and contemplate future professional endeavors. She was viewed as phenomenally successful, with sales increasing by 70% under her leadership. Victoria’s Secret currently accounts for the majority of L Brands’ revenue. Ironically, Turney has been replaced by Wexner.
Kohl’s Cleans Out Its Closet in Attempt to Get Lean
Kohl’s department stores announced that three executives are being laid off in a restructuring. The company’s chief digital officer, SVP of environment and development, and SVP of communications and public relations are all leaving. Kohl’s has found it difficult to cope with a market that is increasingly hostile for brick-and-mortar retail chains. The reorganization is designed to make the company more agile and competitive. Stock in Kohl’s has decreased in value by about 40% over the past year.
Fiserv Serves Up a New CFO
Financial transaction processor Fiserv is getting a new CFO. Robert Hau, the former EVP and CFO for TE Connectivity, will be joining Fiserv on March 14th. Hau has 30 years of experience in finance management and has spent time working for such heavy hitters as Lennox and Honeywell. He replaces retiree Tom Hirsch, who will continue as a special consultant with Fiserv after 21 years with the company and 10 years as CFO.
Look for more Executives on the Move next week!