(Reuters) -Bath & Body Works said on Monday it has appointed former Nike (NYSE:NKE) chief strategy and transformation officer, Daniel Heaf, as chief executive, effective immediately.
He replaces Gina Boswell, who has been at the helm of the beauty and skincare firm since November 2022. In March, the company said Boswell would be temporarily absent, for several weeks, for surgery.
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 maintains its full-year net sales and profit forecast.
Net sales rose 3% to $1.42 billion for the quarter ended May 3, in line with analysts’ expectations, while profit per share of 49 cents exceeded estimates of 42 cents, according to data compiled by LSEG.