L Brands Inc. shares fell 2.2% on Friday after the company announced that Sharen Jester Turney, chief executive of Victoria's Secret, resigned. Turney has been with the company for almost 16 years, joining as CEO of Victoria's Secret Direct and taking over the brand in 2006. She will continue as an adviser. Leslie Wexner, CEO of L Brands, will lead Victoria's Secret. The brand's sales have increased more than 70% to $7.7 billion during Turney's time as CEO, Wexner said in a statement. L Brands shares are down 14.2% for the year so far while the S&P 500 is down 9.2% for the same period.
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