Victoria’s Secret & Co said on Tuesday it cut about 160 management positions, or 5% of its home-based staff, and hired a former Amazon executive as part of a reorganization following its split from L Brands Inc l ‘last year.
The company has also appointed executives to three key executive positions reporting to CEO Martin Waters.
Amy Hauk, who has led the company’s PINK brand since 2018, will take on the additional role of general manager 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 has also appointed Christine Rupp as Chief Customer Officer. She comes from Albertsons Cos Inc and 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 of the third trimester.
Through Tuesday’s close, Victoria’s Secret shares have fallen 34% since they began trading in July 2021.
As part of the reorganization, L Brands changed its name to Bath & Body Works.
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