Leslie Wexner, the prominent figure behind L Brands, has decided not to seek re-election to the company’s board during the upcoming shareholder meeting in May. This move follows Wexner’s resignation as CEO in May 2020, which came about due to investor pressure and increased scrutiny regarding his association with convicted sex offender Jeffrey Epstein. It is important to note that Wexner severed ties with Epstein in 2007 and has not faced any criminal accusations.

Upon Wexner’s departure as CEO, L Brands issued a press release affirming that the decision was made after thoughtful consideration of strategies to drive long-term value for all stakeholders involved. In addition to Wexner, his wife Abigail Wexner will also not seek re-election to the board. In their stead, L Brands has appointed two new independent board members: Francis Hondal from Mastercard and Danielle Lee from the National Basketball Association.

With these changes, L Brands will now have a ten-member board, with nine of them serving as independent directors. Despite challenges faced in 2020, such as a decline in net sales to $11.85 billion from $12.91 billion the previous year, the company managed to increase its annual earnings to $844.5 million, or $3.00 per share, compared to a net loss of $366.4 million, or $1.33 per share, in 2019.

L Brands is presently undergoing a process to separate its Victoria’s Secret and Bath & Body Works brands into two distinct entities, with the separation anticipated to conclude by August of this year. This strategic move aims to allow Victoria’s Secret to focus on reinvigorating its brand while granting Bath & Body Works, which has exhibited strong performance, the freedom to pursue further growth.

In a statement regarding his departure, Leslie Wexner expressed confidence in the direction of L Brands, highlighting the strength of the company’s brand leaders and their well-positioned position for the future. He firmly believes that the planned separation into two independent businesses will enhance their positive momentum.

For more information on L Brands and its recent developments, please visit the following links:
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