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L Brands (LB - Get Report) shares fell Thursday after CNBC reported April Holt, executive vice president of stores at Victoria's Secret, is stepping down.

Holt has been with L Brands' lingerie division for more than 16 years. 

An L Brands spokesperson confirmed her move to CNBC. No reason for Holt's departure was indicated in the report. 

It's the latest in a string of management departures at the lingerie brand. Chief Marketing Officer Edward Razek resigned earlier this year.

Victoria's Secret CEO Jan Singer resigned suddenly at the end of last year, CNBC said, and was succeeded by former Tory Burch President John Mehas.

L Brands' shares finished down 2% to $16.84 on Thursday. The stock is down 34% this year.