L Brands has promoted Martin Waters, the current CEO of Victoria’s Secret’s lingerie division as the new CEO of the entire business. Waters will report directly to Andrew Meslow, CEO of parent company L Brands. Amy Hauk, CEO, Victoria’s Secret Pink while Greg Unis, CEO of Victoria’s Secret Beauty, will report to Waters.

An experienced retail executive, Waters has led Victoria’s Secret’s international business for the past 13 years and had recently stepped into the role of CEO, Victoria’s Secret Lingerie. The company also revealed that Stuart Burgdoerfer will retire as chief financial officer of L Brands and interim chief executive officer of the Victoria’s Secret business. However, he will remain in the CFO role, however, until August, helping finalize the separation of the Victoria’s Secret’s business — which includes the lingerie, beauty and Pink divisions— and Bath & Body Works brand. The spin-off, which the company anticipates will be complete by August, will take Victoria’s Secret private, while Bath & Body Works remains on the public market as a stand-alone firm.