Wexner says bra-bye to his retail empire

Les Wexner (below) is packing it in after a long reign at L Brands, which runs Victoria’s Secret and Bath & Body Works. Wexner, 83, said he and his wife, Abigail, will not stand for reelection to the retail giant’s board in May.

Les Wexner is cutting ties for good with his decades-old retail empire, which currently controls the Victoria’s Secret and Bath & Body Works chains.

The 83-year-old billionaire retail icon — whose business ties to the late pedophile Jeffrey Epstein have long stirred controversy — said he and his wife, Abigail, will not stand for reelection to the board of L Brands at the company’s annual shareholder meeting in May.

Wexner became a retail legend in the 1980s for building The Limited into a mall-based powerhouse, then creating and spinning off other successful chains including Abercrombie & Fitch. He had remained on the board after retiring as chief executive of the Columbus, Ohiobased company last year.

Two independent female directors have been appointed to replace Wexner and his wife on the board: Danielle Lee, chief fan officer for the National Basketball Association; and Francis Hondal, president of loyalty and engagement at Mastercard.

“I am more confident than ever that we have very positive momentum as we approach the planned separation into two businesses,” Wexner said in a statement.

Just two years ago, activist investor Barrington Capital had criticized the lack of diversity on the board and Wexner’s cozy ties to several Ohio-based directors. Three of 12 board members had served for more than three decades. The directors’ median age was 71.

L Brands is in the process of looking for a buyer for Victoria’s Secret, which has seen its value surge during the pandemic. The Bath & Body Works chain has been very successful.Lisa