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Bath & Body Works president of retail Julie Rosen is exiting the company and her position will be eliminated.
The company and Rosen have “mutually agreed” the latter will step down from her role, effective immediately, according to a statement issued on Wednesday. Rosen will be available in an advisory capacity to ensure a smooth transition.
As part of this move, the company has eliminated the role of president, retail, and largely all functions which previously reported to Rosen will report to Gina Boswell, chief executive officer of Bath & Body Works.
“Having made significant progress in fortifying our operating foundation and building our platform for long-term, sustainable growth, we believe that now is the right time for this change and that we will benefit from accelerated decision-making as a flatter organization,” said Boswell. “We are well-positioned heading into the holiday season and we remain relentlessly focused on growth and committed to bringing customers the compelling product, unique merchandising and brand storytelling for which Bath & Body Works is known.”
Bath & Body Works missed Wall Street’s sales forecast in its second quarter and lowered its full-year outlook amid a challenging backdrop of economic uncertainty and consumers tightening their purse strings.
For fiscal 2024, the company expects net sales to dip between 4 and 2 percent, compared with a previous forecast of a 2.5 percent drop to flat. Full-year 2024 adjusted earnings per diluted share are now expected to be between $3.06 and $3.26, compared to adjusted earnings per diluted share of $3.27 in fiscal 2023.
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