Wexners exit board of Victoria’s Secret owner
Leslie Wexner decided last year to retire as chairman and CEO.
Leslie H. Wexner and wife Abigail are retiring from the board of giant retailer L Brands, founded in Columbus by Wexner in 1963.
COLUMBUS — Leslie H. Wexner and his wife, Abigail, are retiring from the board of L Brands, the giant retailer that Wexner founded in 1963.
L Brands said Thursday the Wexners will not stand for re-election to the board at the annual shareholders’ meeting in May.
The move follows Leslie Wexner’s decision last year to retire as chairman and CEO of the company that operates Victoria’s Secret and Bath & Body Works.
Wexner turned a single Limited store into a global retail powerhouse that once included such brands as Abercrombie & Fitch, Lane Bryant and Express.
“L Brands is at a terrific place in its history,” Wexner said in a statement. He praised Sarah Nash, who took over last year as chairwoman of the board, and the company’s other leaders, saying the company is well positioned as it looks to separate
Victoria’s Secret into another company or sell it.
“Now is an ideal time for Abigail’s and my transition from the board,” he said. “I am deeply honored to have been a part of the lives of so many associates and customers since I first opened the doors in 1963.”
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 two new independent members of the company’s board.
With the departure of the Wexners
in May, the board will have 10 directors. Of the 10, six will be women including Nash.