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Limited Brands Announces Leadership Changes

Posted: June 15, 2007
Limited Brands, Inc. announced leadership changes at its Bath and Body Works and Victoria's Secret brands. Diane Neal, president and chief operations officer for Bath and Body Works, has been promoted to CEO. Neal has served as COO since joining Bath and Body Works in November 2006. She takes over the position from Neil Fiske, who joined Bath and Body Works in 2003 and is leaving to become CEO of Eddie Bauer. In addition, Bill May has been named as COO for Victoria's Secret Stores.

Prior to joining Bath and Body Works, Neal served as president of the outlet division for Gap, Inc., following her role as senior vice president, merchandising. She also spent many years in a variety of roles with increasing leadership at the Target Corporation, including areas of responsibility in merchandising, planning and sourcing for Target. She also held the position of president of Mervyn's Stores from 2001 to 2004.

"Diane is a strong leader with a merchant mindset and broad multi-store experience. She has broad and substantial retail and leadership skills," said Leslie H. Wexner, chairman and CEO, Limited Brands, Inc. "She has led system and process improvement initiatives for us and has shared our commitment to growth. I am confident in her leadership as we continue to grow this brand, already the largest specialty beauty brand in North America. Neil is leaving the business well- positioned for the future and I am grateful for what he has done."

May served as executive vice president and COO at Payless ShoeSource. He has also served as executive vice president and COO of Tween Brands, Inc. and held various senior-level executive positions at Gap, Inc.

"Bill brings a wealth of knowledge and experience to this position," said Sharen Turney, president and CEO, Victoria's Secret. "He has an established record of successfully managing all aspects of operations, finance, marketing and sales, and stores. He is a results-oriented leader with a proven ability to lead business, technology and corporate culture change in highly competitive business environments."