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Victoria's Secret CEO Jan Singer has resigned amid a sales slump and competition from young companies challenging the brand's grip on the lingerie industry.The Wall Street Journal first reported Singer's departure last week. Victoria's Secret parent company L Brands (LB) made it official during its quarterly earnings release.John Mehas, now the president of Tory Burch, will take over as CEO of Victoria's Secret Lingerie early next year, the company said.Sales at Victoria's Secret stores that have been open for at least a year dropped 6% last quarter. Victoria's Secret has close to 1,000 stores in the United States, many of them tied to struggling malls.Last year, Victoria Secret's same-store sales in North America fell 8% in part because of the company's decision to stop selling swimwear and clothing."Our number one priority is improving performance at Victoria's Secret Lingerie and PINK," said Leslie Wexner, Chairman and CEO of L Brands. "We could not be more excited for [Mehas] to lead Victoria's Secret Lingerie to a new phase of success."Singer took over in 2016 after a stint at Spanx. She worked at Nike (NKE) for more than a decade.Victoria's Secret has been struggling to keep up with changing consumer tastes. Flashy fashion shows, push-up bras and celebrity models aren't drawing people in like they used to. Instead, women are clamoring for more products with a better fit.Online stores like ThirdLove, Lively and True & Co. are using tech and harnessing data to offer custom sizes and new products.Other parts of the L Brands business have been struggling. The company announced in September that it is closing Bendel's website and all 23 of its stores, including the store's iconic Fifth Avenue location in New York, in January 2019 because of sluggish sales.A change in Victoria's Secret leadership may not be enough to convince experts that L Brands is turning itself around."Jan was not the problem," Jefferies analyst Randal Konik wrote last week following rumors of Singer's exit. "The real problem is the VS brand is not resonating with consumers, its pricing power is gone, its market share is under permanent attack, and the business is over-stored." 2198

Vaccine maker Pfizer says it’s already in regular communication with President-elect Joe Biden's transition team as part of ongoing efforts to keep all interested parties updated on its coronavirus vaccine and its distribution.Spokeswoman Sharon Castillo says, “There is no room for politics in this process.”Last Sunday, Biden chief of staff Ron Klain said the transition team planned to meet with Pfizer and other vaccine makers, as President Donald Trump continues to stall the formal transition process to a new administration.Castillo said Wednesday that Pfizer maintains ongoing communication with the Trump administration, governors and leading lawmakers of both political parties in Congress. The Biden team is part of that effort.Castillo says Pfizer is "communicating with both sides" during the transition.There’s no word yet on a formal meeting between Biden and the pharmaceutical chiefs. 909

UNIVERSAL CITY, Calif. (KGTV) – Detectives in Los Angeles are searching for more victims after they say a man exposed himself to a woman and juveniles at Universal Studios.Hershel Korngut, 34, was arrested after detectives with the Los Angeles County Sheriff’s Office say he exposed himself to a woman on the Universal CityWalk on January 1.Korngut was arrested on a misdemeanor charge, cited and released. Throughout their investigation, detectives found several other juvenile victims and, after searching Korngut’s home, found evidence of child pornography.Authorities say additional charges, including possession of child pornography, lewd and lascivious acts upon a child and sexual battery will be brought before a judge at Korngut’s upcoming court appearance.Detectives added that Korngut was employed at a hearing care facility and mentored at a youth organization in Los Angeles.Detectives are asking that any additional victims come forward by calling the Los Angeles County Sheriff’s Office at 818-622-9600 or providing an anonymous tip at 800-222-8477. 1072

US-supplied weapons originally intended for moderate allies in Syria have ended up for sale on jihadist online forums in the country's northern al Qaeda heartland.In a remarkable snapshot of the disastrous outcomes and thwarted ambitions of the West's six-year effort in Syria, an M16 assault rifle -- whose serial number suggests it was originally supplied as part of a US-taxpayer-funded effort to defeat extremists in the region -- was offered to CNN by a resident of the city of Idlib over the encrypted messaging app Telegram.The vendor claimed the weapon originally belonged to one of the more prominent and costly failures by the US to help Syrian moderate rebels combat ISIS and other extremists. In a Telegram message exchange with CNN posing as a purchaser, the vendor said the weapon came from "Division 30" -- part of an elaborate million dollar effort to train and equip elite rebels to tackle jihadists.  935

Two Republican Senators in Georgia, both headed to their own run-off elections in January, released a statement Monday calling for the resignation of the state’s Secretary of State, Brad Raffensperger, who is also a Republican.Without specific details or evidence, the statement from the senators says Raffensperger is responsible for “failures” in the election process.“The management of Georgia elections has become an embarrassment for our state. Georgians are outraged, and rightly so,” the statement from Senator Kelly Loeffler and Senator David Perdue reads. “The mismanagement and lack of transparency from the Secretary of State is unacceptable.” 662