Bath & Body Works brings on former Nike exec as new CEO
Bath & Body Works has chosen a former Nike executive to become its new CEO.
The company said Monday that Daniel Heaf, Nike's former chief strategy and transformation officer, has taken over the CEO role at Bath & Body Works effective immediately.
"I am honored and energized by the opportunity to lead Bath & Body Works into its next chapter of growth," he said in a statement. "Bath & Body Works has extraordinary untapped potential and sits at an exciting inflection point."
CEO Gina Boswell stepping down precipitated Heaf's selection as CEO.
"On behalf of the Board, I want to thank Gina for her contributions to Bath & Body Works," board chair Sarah Nash said. "In the post COVID-normalization period she was able to stabilize the business and return it to profitable revenue growth."
She has held the top job at the beauty and skincare firm since November 2022. In March, the company said Boswell would be temporarily absent, for several weeks, for surgery.
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Heaf's appointment was unanimously approved by the company's board, according to Bath & Body Works. He is also expected to get a seat on Bath & Body Works' board after its upcoming shareholder meeting in June.
In addition to Nike, his previous professional experience includes leadership roles at Burberry and BBC Worldwide, the company said.
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Bath & Body Works touted Heaf as having a "deep consumer-centric mindset and a track record of driving bold innovation at scale across global consumer and retail companies."
The change in leadership comes as the company grapples with uncertain discretionary spending, which caused it to forecast annual sales and profit largely below expectations in February.
The company on Monday also announced preliminary first-quarter results and said it would maintain its full-year net sales and profit forecast.
For the year, Bath & Body Works still anticipates it will see 1-3% growth in its net sales. Its annual earnings per diluted share are expected to be in the $3.25 to $3.60 range.
The company preliminary said it generated $1.42 billion in first-quarter net sales, marking a year-over-year jump of 3%.
Its official first-quarter financial results are slated to come out later in the month.
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The company's retail footprint spanned nearly 1,900 company-operated locations in the U.S. and Canada, plus over 500 franchised stores in other countries at the beginning of February.
Bath & Body works was worth $7.19 billion on a market capitalization basis as of Monday afternoon.
Reuters contributed to this report.Original article source: Bath & Body Works brings on former Nike exec as new CEO
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