© Reuters. FILE PHOTO: The stock symbol of Victoria’s Secret & Co. is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS / Andrew Kelly
(Reuters) – Victoria’s Secret & Co said on Tuesday it was cutting about 160 management roles, or 5% of its home office staff, and hiring a former Amazon executive as part of the process. reorganization process following its separation from L Brands Inc (NYSE:) last year.
The company also appoints executives to three key leadership roles, reporting to CEO Martin Waters (NYSE:).
Amy Hauk, the company’s head of the PINK brand since 2018, will take on the additional role of chief executive officer 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 appointed chief growth officer after leading the Victoria’s Secret and PINK Beauty businesses since 2016.
The company also appointed Christine Rupp as its chief customer officer. She joined from Albertsons Cos Inc and previously worked at Microsoft Corp (NASDAQ:) and Amazon.com Inc (NASDAQ:), where she led Fulfillment by Amazon and launched Amazon Prime Day, Victoria’s Secret said.
The company said it expected to record a fee of about $30 million in the second quarter as part of the initiative, and estimated cost cuts of $40 million on an annualized basis from the fourth quarter. father.
As of the end of Tuesday, shares of Victoria Secret were down 34% since trading began in July 2021.
As part of the reorganization, L Brands changed its name to Bath & Body Works.
