Nov 20, 2018

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

Photo: Michael Brochstein/SOPA/LightRocket via Getty Images

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.

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Bob Iger to step down as CEO of Disney

Photo: Jeff Kravitz/FilmMagic

The Walt Disney Company said Tuesday that it had named longtime Disney executive Bob Chapek as CEO Bob Iger's successor, effectively immediately. Iger will remain executive chairman of the company through 2021.

Why it matters: Iger is credited with having successfully turned around Disney’s animation and studio businesses and with the strategic acquisition of Marvel, Pixar, Lucasfilm and 21st Century Fox. Most recently, he was the person behind Disney's successful launch of its Netflix rival Disney+.

Go deeperArrowUpdated 11 mins ago - Economy & Business

India gives Trump warm welcome as brutal protests rip New Delhi apart

People supporting India's new citizenship law beat a Muslim man in New Delhi, India. Photo: Danish Siddiqui/TPX/Reuters

While President Trump enjoys a hero's welcome in India, that nation's capital is being torn apart by violent protests between Hindus and Muslims.

The state of play: At least 186 people — 56 police officers and 130 protesters — have been injured and 10 killed in recent clashes, a New Delhi police spokesperson told the AP.

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Wall Street sees 2nd day of brutal sell-off

Photo: Johannes Eisele/AF via Getty Images

The stock market fell another 3% on Tuesday, following Monday’s sell-off. Bond yields touched record lows.

The big picture: Stocks continued to fall as the CDC said it expects the coronavirus to spread in the U.S. The Dow and S&P are more than 7% below the record highs seen earlier this month.

Go deeperArrowUpdated 2 hours ago - Economy & Business