L Brands CFO is Retiring As Company Looks to Split with Victoria’s Secret

L Brands announced Thursday that Chief Financial Officer Stuart Burgdoerfer will retire in August 2021.

Burgdoerfer has worked as CFO for the company for over 14 years and currently acts as interim CEO of Victoria’s Secret. The company said in a press release it's promoting Martin Waters, the CEO of Victoria’s Secret Lingerie, to CEO of Victoria’s Secret. Waters will report directly to Andrew Meslow, CEO of L Brands.

Burgdoerfer’s retirement comes as L Brands, which currently operates Victoria’s Secret and its faster-growing Bath and Body Works brand, is looking to separate the two businesses. The company hopes to fully split from Victoria’s Secret by August as well.

“I am grateful to have had the opportunity to work with extraordinary people in every part of the business,” Burgdoerfer said. “The time is right for me to move on to my next chapter. Bath & Body Works and Victoria’s Secret are in very capable hands with a bright future.”

Burgdoerfer also said he is excited to continue overseeing the separation process between the two brands. Burgdoerfer took over as interim CEO of Victoria’s Secret last May, after L Brands called off a $525 million deal for a majority stake in the company with Sycamore Partners.

The company has announced that a search is underway to fill the CFO position and will include both internal and external candidates. Burgdoerfer will continue working in his role until he officially retires in August.