Victoria's Secret cuts 160 management roles in reorganization
(Reuters) - Victoria's Secret & Co said on Tuesday it had cut about 160 management roles, or 5% of its home office staff, and hired a former Amazon executive as part of a reorganization following its separation from L Brands Inc last year.
The company also named executives to three key leadership roles reporting to Chief Executive Officer Martin Waters.
Amy Hauk, who has been heading the company's PINK brand since 2018, will take on the additional role of chief executive of the Victoria's Secret division, the company said.
The lingerie brand's Beauty business will be integrated into Hauk's organization, the company said in an emailed statement.
Greg Unis has been named chief growth officer after leading the Victoria's Secret and PINK Beauty businesses since 2016.
The company also appointed Christine Rupp as chief customer officer. She joins from Albertsons Cos Inc and has previously worked at Microsoft Corp and Amazon.com Inc, where she led Fulfillment by Amazon and launched Amazon Prime Day, Victoria's Secret said.
The company said it expected to record a charge of about $30 million in the second quarter as part of the initiative, and estimated $40 million in cost reductions on an annualized basis from the third quarter.
Through Tuesday's close, Victoria Secret's shares have tumbled 34% since the start of trading in July 2021.
As part of the reorganization, L Brands changed its name to Bath & Body Works.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila)
