Here's Why L Brands Lost More Than 3% On Friday

Shares of L Brands Inc (NYSE: LB) were trading lower by more than 3 percent on Friday after the company announced that Victoria's Secret CEO Sharen Jester Turney has resigned from the company.

Turney joined L Brands as President and CEO of Victoria's Secret Direct in 2000 and assumed total responsibility for the brand as CEO since 2006.

L Brands noted that Turney "made the decision to resign" but will continue to serve as an advisor to the business. L Brands Chairman and CEO, Leslie H. Wexner, will now assume leadership of Victoria's Secret.

"We are very grateful to Sharen for her leadership and all that she has accomplished; Victoria's Secret sales have increased more than 70 percent to $7.7 billion and profit has increased substantially during her nine years as CEO. While she will be missed, we support her in her choice and wish her well," said Wexner. "We have strong confidence in the strength of the brand and our growth opportunities, and I look forward to taking on a more active role and working with the talented leadership team at Victoria's Secret."

Turney stated, "After 16 years and a record fourth quarter at Victoria's Secret, I have decided to prioritize my family and my personal life and consider what's next for me professionally. My years with Victoria's Secret have been the most exciting and rewarding years of my career. I leave the Victoria's Secret business well-positioned for the next chapter of growth … a strong brand with great momentum. I take great satisfaction and pride in what our team has accomplished, including tremendous growth and the development of a world-class team."

The stock traded recently at $81.02, down 3.5 percent.