L Brands has named Martin Waters as its CEO of Victoria’s Secret business.

Martin Waters will succeed Stuart Burgdoerfer, CFO and interim CEO at Victoria’s Secret for the last nine months, who will retire this summer. The appoinment takes effect immediately.

“In the last nine months, he has led the turnaround of the Victoria’s Secret business in addition to continuing to lead L Brands’ finance organization as CFO,” said Sarah Nash, chair of L Brands’ BOD.

Joined the company in 2008 as head of the international division, Waters currently leads Victoria’s Secret lingerie division. In his new role, Waters will report to CEO of L Brands, Andrew Meslow. Prior to his role with L Brands, Waters held MD role at European health and beauty retailer Boots International.

“Martin Waters is an experienced retail executive who has led our international business for the past 13 years and recently stepped into the role of CEO of Victoria’s Secret Lingerie,” said Andrew Meslow, chief executive of L Brands and Bath & Body Works.

“He is widely respected both inside and outside of our enterprise, and we are confident he will continue the momentum and progress in the Victoria’s Secret business.”

Despite the fail of the Victoria’s Secret’s acquisition deal with Sycamore Partners last year due to the pandemic, L Brands said it would still proceed with plans to separate its two brands and make Bath & Body Works as a stand-alone public company. The separation is expected to complete this August.

L Brands also raised its fourth quarter comparable sales to 10 per cent, including a 22 per cent increase at Bath & Body Works and a 3 per cent decrease at Victoria’s Secret.