Victoria's Secret seeks new legal chief as Melinda McAfee prepares 2027 exit
Shortly before its fashion show, Victoria's Secret announced a change at the top of its legal department. The shares fell 4.3 per cent the same day.
Symbolic image · Photo: Harrison Keely / Wikimedia Commons, CC BY 4.0 (cropped and resized)
Victoria's Secret & Co. is reshaping its legal leadership. The company disclosed in a filing on 9 October that Chief Legal and Compliance Officer Melinda McAfee will leave, with her departure effective 31 March 2027. The underlying agreement is dated 7 October. According to TipRanks, the board acknowledged her more than five years with the company. A search for a successor is under way; McAfee stays in her role with unchanged pay until a new legal chief is appointed and then moves to a non-executive position.
On the stock market the shares fell 4.3 per cent to $82.87 on 9 October, GuruFocus reported, without identifying a specific trigger. The stock is still up about 53 per cent since the start of the year; its 52-week range runs from $28.15 to $102.46. According to Defense World, McAfee sold 4,500 shares at an average of $91.10 on 5 October under a pre-arranged trading plan. Of 14 analysts, seven rate the stock a buy and seven a hold, with an average price target of $89.91. In the most recently reported quarter, revenue rose 10.4 per cent to $1.61 billion.