L Brands announced today that Victoria’s Secret CEO Sharen Jester Turney has decided to resign after nearly 16 years with the company. It also announced that Les Wexner, Founder, Chairman and CEO of L Brands, will assume leadership of Victoria’s Secret and that Turney will continue to serve as an advisor. Turney said in a statement that she has decided to prioritize her family and personal life and consider her next professional steps. Turney joined the company as President and CEO of Victoria’s Secret Direct in 2000 and assumed responsibility for the brand as CEO in 2006. During her nine-year tenure as CEO, Victoria’s Secret sales increased by more than 70%, to $7.7 billion, and profit increased substantially. Before joining the company, Turney served in various roles at Neiman Marcus, including as EVP for merchandising, creative production, advertising and public relations, and as SVP and general merchandise manager for Neiman Marcus stores. Turney began her career at Foley’s and also worked with Byer California and Federated Department Stores. Wexner has served as the Chairman and CEO of L Brands since he founded the company in 1963 with one store named The Limited in the Kingsdale Shopping Center in Columbus, Ohio. Turney is leaving the company on a high note. On February 4, the company announced record sales of $4.4 billion for 4Q (ended January 31). Sales were up 8% year over year and ahead of the consensus estimate of $4.367 billion. Comps increased by 6% in the quarter. The company also expects 4Q EPS of $2.05, as compared to guidance of $1.85–$1.95 and a consensus estimate of $2.00. L Brands will report 4Q earnings on February 25.