New York (CNN Business) 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. The stock plunged 14% in early trading Tuesday.

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 in 2016.

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