Tory Burch president to take over as Victoria's Secret CEO

Victoria's Secret CEO Jan Singer has resigned following three consecutive years of declining profits and sluggish sales, the company announced on an earnings call Monday. The WSJ first reported her departure last week.

What's next: John Mehas, the president of Tory Burch, will take over as CEO early next year, Victoria Secret's parent company, L Brands (LB) said Monday. The shakeup comes as Victoria's Secret continues to struggle competing with online companies like ThirdLove and True & Co., which have focused on women's comfort and have capitalized on technology to customize their bras and lingerie lines. Victoria's Secret chief marketing officer Ed Razek has also come under fire in recent days for comments he made in Vogue about deciding against casting transgender and plus-size models in the company's annual fashion show.