Les Wexner stepping down from board of Victoria’s Secret parent company
A new day is about to dawn for L Brands.
Legendary retailer Leslie H. Wexner is retiring from the board of L Brands, the parent company of Victoria’s Secret, Bath & Body Works and Pink. The company traces its origins back to 1963, when Wexner opened the first Limited store, which he grew into a retail powerhouse that included multiple store banners.
L Brands announced that Wexner and his wife, Abigail, will not stand for re-election to the board at the annual shareholders meeting in May. Wexner stepped down as CEO and chairman of the company in May 2020, remaining a board member as chairman emeritus.
L Brands also announced that Francis Hondal, president of loyalty and engagement at Mastercard, and Danielle Lee, chief fan officer for the National Basketball Association, have been appointed as new independent members of the board. Beginning in May, the board will have 10 directors, six of whom will be women.
“L Brands is at a terrific place in its history,” stated Wexner. “The board is incredibly well-led by Sarah [Nash] and we have two new wonderful directors joining us. We have some of the strongest brand leaders in our history and the businesses are well positioned going into the future. I am more confident than ever that we have very positive momentum as we approach the planned separation into two businesses.”
As previously reported, L Brands plans to spin off Victoria’s Secret into a separate company, leaving Bath & Body Works as a standalone public firm. The move is expected to be completed by August.
“Serving with Les has been an inspiration for all of us at L Brands,” stated Nash. “His thoughtful approach to developing brands and building dedicated and talented teams have enabled L Brands to evolve and succeed as a leading specialty retailer for nearly 60 years. I am so appreciative of everything that Les and Abigail have done to serve this board and L Brands’ stakeholders.”
L Brands has 2,669 company-operated stores in the United States, Canada and Greater China and more than 700 franchised locations worldwide.