Victoria’s Secret & Co. announced Tuesday that Amy Hauk, who had been the CEO of their Pink apparel brand for teens and the overall company brand for less than a year, has resigned amid the company’s struggling “woke reforms”.
Martin Waters, CEO of Victoria’s Secret & Co., will take her place. The company has not released further information regarding Hauk’s resignation.
“Shares of Victoria’s Secret dropped 8% on the news during after-hours trading Tuesday,” noted the outlet.
“Sales tumbled in 2020 during the peak of Covid-19 but bounced back in 2021. They are projected to fall by up to 7% this year,” it added.
Hauk, the CEO of the Victoria’s Secret and the Pink brands, notified the company of her decision on December 27, 2022 according to a January 3 securities filing by the company.
She is slated to depart the company on March 31, at which point the current CEO of Victoria’s Secret & Co. (VSCO), Martin Waters, will add Hauk’s responsibilities to his own, the filing stated.
The news comes just months after VSCO acquired rival Adore Me and as it embarks on expansion plans as it repositions the business.
“We shared in our 8-K filing that Amy Hauk will be stepping down as CEO of Victoria’s Secret and Pink in order to spend more time with her family in Florida,” a spokesperson for the company said.
“Amy has graciously agreed to a managed transition between now and the end of March. There are no plans to replace her role,” the spokesperson added.