Are succession plans underway at Limited Brands?
Thursday, December 21st, 2006There is speculation that Diane Neal’s arrival at Limited’s Bath & Body Works may set in motion a transition of sorts where Neil Fiske, ceo of BBW, could be promoted to head up the cosmetics divisions, say sources. Neal, who was president of Gap Outlets division, will report to Fiske as president and chief operating officer.
One insider said, “No one thought Neil could survive after he recruited all those powerful female execs, but he proved them wrong.” Fiske needed a real Alpha-female to take the division over, once he moves up and assumes responsibilities for Victoria’s Secret Beauty and C.O. Bigelow, added another source. In the upcoming Mottus & Associates Prestige Study, we will review Fiske’s 2006 results.
The assumption here is that Len Schlesinger, vice chairman and chief operating officer and group president of beauty and personal care, would be offered the CEO position from industry legend and Limited founder, Leslie Wexner. Wexner is in his late sixties, and there has been talk that he’d like to spend more time on his vast philanthropic activity.
There is also a Harvard connection among Schlesinger, Fiske and Christine Beauchamp, co-president of Victoria’s Secret Beauty. Schlesinger taught at Harvard and Fiske and Beauchamp were students there. There has also been speculation that group president Jay Margolis could take his apparel business into a separate unit either as a spin-off or leveraged buyout. One contributor said she saw apparel from Limited in TJMaxx, and it could very well augur new retail distribution opportunities.