Robert H. Morosky, the 46-year-old right-hand man of Limited Chairman Leslie H. Wexner, has resigned as vice chairman, chief financial officer and a director of the apparel retailer, taking with him stock worth about $50 million.
"After more than 15 years of hard work and a lot of fun, I've decided it's time to retire," Morosky said Monday in a phone interview from his home in Columbus, Ohio, where the Limited is based. "I've always wondered whether my money could work harder than me. We'll finally get to test that concept."
Succeeding Morosky as chief financial officer is Kenneth B. Gilman, 41, the Limited's senior vice president and corporate controller. Gilman, whom analysts described as a "Morosky protege," also assumes the title of executive vice president.
The move by Morosky, who is credited with building the Limited's efficient distribution system as well as arranging financing and acquisitions, surprised analysts and, apparently, Wall Street. Shares in the retailer, which in the latest fiscal year had $3.1 billion in revenue, fell $1.875 a share to $43.50, with more than 1 million shares trading hands.