Victoria’s Secret says Hauk resigns as Brand CEO

In a regulatory filing earlier, Victoria’s Secret reported that on December 30, the company completed the previously announced acquisition of AdoreMe, pursuant to the terms and conditions of the agreement and plan of merger, dated as of November 1, 2022. Pursuant to the merger agreement, the company acquired all of the equity interests of Adore Me for an aggregate purchase price of approximately $400.0M in cash, on a cash-free, debt-free basis, subject to customary post-closing adjustments contemplated by the merger agreement. The merger agreement also provides for post-closing consideration to be paid in an aggregate amount of at least $80.0M and up to $300.0M in accordance with the terms. In the same filing, the company reported that on December 27, 2022, Amy Hauk notified the company of her decision to resign as Brand CEO, effective March 31, 2023. Following Ms. Hauk’s departure, Martin Waters will continue to serve as CEO of the company and will also assume the responsibilities of Brand CEO, the filing stated. In Tuesday afternoon trading, Victoria’s Secret are down $2.17, or 6%, to $33.61.