COLUMBUS, Ohio — Limited Brands Inc. said late Friday that Sherry Baker has decided to step down as president of Victoria’s Secret Beauty and her exit is accompanied by a corporate reorganization. Jill Granoff, who has been the division’s chief operating officer since August, has also assumed the title of co-president and takes on the added responsibility for retail management. She continues to handle management of business planning and development operations, human resources, finance, merchandise planning and allocation, business process integration and new business development. Christine Beauchamp has been added to the top management of the brand as co-president and general merchandise manager. Beauchamp has been senior vice president of commercialization for Limited Brands since joining the company in 2003. She is the chief architect of the company’s open innovation program. Prior to joining Limited, Beauchamp was with the Boston Consulting Group and worked with Leslie Wexner, chairman and chief executive officer of Limited Brands, on brand growth strategies for Victoria’s Secret, Bath & Body Works and Express. In her new role, Beauchamp will be responsible for creative, marketing, product development, third-party brand development and communications, including education and public relations. Reached at press time, Baker said, “After six years of extraordinary success, I would not leave the team until all of the reorganizations have been completed, with turning beauty over to store management. I feel ready to move to another entrepreneurial company where I can do the same sort of brand-building at [the] accelerated speed that we had achieved at Victoria’s Secret Beauty.” Baker took pride in pointing out that, when she joined Victoria’s Secret Beauty in 1999, the volume of the company was below $500 million, and last year, it hit $850 million.Wexner stated, “During Sherry’s tenure with the business, she has built a great team and achieved many accomplishments, awards and successes at Victoria’s Secret Beauty. We wish Sherry the very best and thank her for her many valuable contributions. Jill and Christine’s promotions recognize their significant contributions and the increasing role they will have in accelerating the growth of Victoria’s Secret Beauty.”In 2002, Baker was elevated to executive vice president and chief marketing officer. In 2004, she was promoted to president, following the retirement of Robin Burns, and led the company in a co-leadership with Granoff.Reached Friday, Granoff praised Baker and said the new lineup is poised for an accelerated growth of the business in the future, and this is the next stage in the evolution of the company.In addition to promotions of Granoff and Beauchamp, three Victoria’s Secret Beauty executives have been promoted to senior vice president roles. Mike Nicholson has been named senior vice president and chief financial officer. Debi Theis has been named senior vice president of marketing and product development, color, skin and hair care. Barbara Calcagni has been promoted to senior vice president, marketing and product development, fragrance and body care.
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