Investing.com -- Bath & Body Works fell more than 1% Friday after the company announced a leadership change and released preliminary first-quarter results.

The company has appointed Daniel Heaf as chief executive officer, effective immediately.

Heaf will also join the board following the company’s 2025 annual meeting of shareholders.

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He replaces Gina Boswell, who has stepped down from her role as CEO and board member effective immediately.

Heaf most recently served as Nike’s Chief Strategy and Transformation Officer. During his time at  Nike  (NYSE:NKE), he oversaw strategy and drove significant growth in digital and retail channels.

Earlier, he served as Head of Nike Direct, where he managed 45,000 employees and doubled the business to $22.3 billion in five years.

He also held a senior leadership role at  Burberry  (LON:BRBY), where he helped reposition the brand as a digital innovator.

“Daniel is a forward-thinking leader with a remarkable track record of driving innovative, transformative growth across iconic global brands,” said Sarah Nash, chair of the board.

Heaf said Bath & Body Works (NYSE:BBWI) is “at an exciting inflection point” and has “extraordinary untapped potential.”

Alongside the leadership change, Bath & Body Works pre-announced first-quarter results. Net sales rose 3% year over year to $1.42 billion, while earnings per share came in at $0.49. ‘

The company said sales reached the high end of guidance, while EPS exceeded it.

Bath & Body Works reaffirmed full-year 2025 guidance of 1% to 3% sales growth and earnings per share of $3.25 to $3.60. The forecast reflects the impact of a 10% tariff on goods from China but excludes further tariff risks.

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