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Bath & Body Works has become the new CEO after selecting former Nike executives.
The company said Monday that former Nike Chief Strategy and Change Director Daniel Heaf has taken over the role of CEO. Bath & Bodyworks It will take effect immediately.
“I am honored and cheered by the opportunity Lead Birth & Body will tackle the next chapter of growth,” he said in a statement.
On Monday, June 3, 2024, the Bath & Bodyworks Store in Las Vegas, Nevada, USA. (Bridget Bennett/Bloomberg via Getty Images)
CEO Gina Boswell has encouraged Heaf’s choice as CEO.
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“On behalf of the board, I would like to thank Gina for her contributions to Bath and Bodyworks,” said board chair Sarah Nash. “In the post-community normalization period, she was able to stabilize the business and return it to profitable revenue growth.”
She has been doing her best job at The Beauty and Skincare company since November 2022. In March, the company said Boswell would be temporarily absent for several weeks due to surgery.
According to Bath & Body Works, Heaf’s appointment was unanimously approved by the company’s board of directors. He is also expected to sit on the Bath & Bodyworks board after the shareholders meeting in June.
Entrance to the Bath & Bodyworks store: A store known for selling body products. (Lightrocket via Roberto Machado Noa/Getty Images/Getty Images)
In addition To Nikehis previous professional experience includes leadership roles at Burberry and BBC Worldwide, the company said.
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Bath & Body Works touted it as “a deep consumer-centric mindset and a track record of promoting bold innovation across consumers and retail companies around the world.”
The change in leadership predicted significantly below annual sales and profits in February as the company tackles uncertain discretionary spending.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| BBWI | Bath & Body Works Inc. | 33.58 | -0.18 |
-0.53% |
The company announced its preliminary first quarter results on Monday, saying it would maintain its full-year net sales and profit forecast.
For the year, Bath & Body Works expects net sales to increase by 1-3%. Diluted annual revenue is expected to range from $3.25 to $3.60.
Bath & Bodyworks Store is located at Dadeland Mall in Miami, Florida on November 14th, 2023. (Getty Images/Eva Marie Uzkatey via Getty Images/Bloomberg)
The company’s reserves said it generated $1.42 billion in net sales for the quarter, marking a 3% jump from the previous year.
Its official first quarter financial results are expected to be released later that month.
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It covers the company’s retail footprint Almost 1,900 business locations In the US and Canada, there are over 500 franchisees in other countries in early February.
Bath & Body Works was worth $719 billion on a market capitalization basis as of Monday afternoon.
Reuters contributed to this report.
