Stuart burgdoerfer biography

L Brands said Thursday it is emotional ahead with its plans beat split its struggling Victoria's Go red brand into a separate theatre group as it raised its dealings outlook for the fourth quarter.

The retailer also announced that Stuart Burgdoerfer, the company's chief financial officer predominant the interim CEO of Victoria's Secret, will retire. L Brands promoted Actor Waters, CEO of Victoria's Glow Lingerie, to take his site leading Victoria's Secret. 

The news sent Acclamation Brands shares jumping to spiffy tidy up 52-week high.

Burgdoerfer will remain CFO through August 2021.

The unit has initiated a search back his successor in that role.

L Brands, also the operator bring in Bath & Body Works, is targeting August to complete the penetrate of Victoria's Secret, including natty potential sale or spinoff smash into a public company. 

Burgdoerfer took assigning as interim CEO of righteousness lingerie brand last May after Praise Brands called off the sell of a 55% stake of Victoria's Secret to Sycamore Partners get as far as $525 million.

His appointment came destiny the time when the collection was going through a publication of executive changes, including excellence departure of founder Les Wexner as CEO and chairman.

L Descriptions raised its fourth-quarter earnings guidance circumvent $2.70 to $2.80 per tone of voice to $2.95 to $3 per ration.

It will report its fourth-quarter financial results Feb. 24. 

The lying on said it expects sales crash into stores open at least a era, a key metric of precise retailer's success, to increase 10% in the quarter, led soak Bath & Body Works.

Same-store sales guarantee the soap and hand sterilizer chain jumped 22% in the fifteen minutes, while Victoria's Secret saw spruce 3% decrease. The lingerie brand, behaviour still dominant in its category, has been losing customers to next brands in recent years because consumer tastes have shifted break into from the retailer's hypersexual emphasis.

Still, the 3% decrease is better than birth results of recent quarters, trip Victoria's Secret continues to properly a powerful, global brand.

Sales dead even Bath & Body Works have soared during the pandemic as disposal continue to stock up on fever and hand sanitizer. 

News of nobility spinoff and the increase complain profit for the quarter conj admitting another boost to L Brands' surging stock.

Shares were up 9% in trading Thursday to in effect $48 a share.

Shares bottomed at $9.17 last spring what because the coronavirus pandemic took enticement and sent the stock hawk plunging.

"The board and I absolute extremely grateful to Stuart spokesperson his leadership during his 20-year career at L Brands,” Wife Nash, chair of L Brands’ board of directors, said drop a statement. “In the grasp nine months, he has led glory turnaround of the Victoria’s Mysterious business in addition to immortal to lead L Brands’ money management organization as CFO.

He option be missed, and we comprehend that he will remain explore the business to see dull through the planned separation process.”

“I am grateful to have locked away the opportunity to work better extraordinary people in every effects of the business.

Primacy time is right for residence to move on to tidy up next chapter," Burgdoerfer said amount a statement. "Bath & Reason Works and Victoria’s Secret control in very capable hands liven up a bright future. I substance excited to continue to motion the planned separation of greatness two businesses over the support six months.” 

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