Victoria’s Secret CEO Amy Hauke has resigned for less than a year, the company said Tuesday.
Hauk, who is also chief executive of the company’s Pink clothing line for teens, gave the company notice of her resignation last week, the company said. She is leaving Victoria’s Secret in March.
Martin Waters, chief executive of the brand’s parent company, Victoria’s Secret, will take over as CEO of the brand.
Shares of Victoria’s Secret fell 8 percent on the news in after-hours trading on Tuesday.
Victoria’s Secret has struggled in recent years as some clients rejected its marketing approach, which was filled with supermodels and “angel” fashion shows, in favor of niche bra brands. With Victoria’s Secret also in turmoil over founder Leslie Wexner’s relationship with Jeffrey Epstein, its clothing has gone out of fashion among some longtime buyers.
The company overhauled its advertising, began using a wider range of models, and ended its Angel fashion show. The company also acquired upstart rival Adore Me for $400 million. That deal closed last week.
But Victoria’s Secret sales have been uneven since the pandemic began.
Sales plummeted at the peak of Covid-19 in 2020 but rebounded in 2021. It is expected to drop 7% this year.