Leslie Wexner is stepping down as the CEO of L Brands, which is also selling a majority stake in its iconic Victoria’s Secret brand
) said on Thursday it will sell a controlling stake in its Victoria’s Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion, as it focuses on its core Bath & Body Works brand.
Chief Executive Leslie Wexner, who bought Victoria’s Secret in 1982 and shaped its image by hiring supermodels to wear jewel encrusted bras and wings at its annual fashion shows, will step down and hand over to Bath & Body Works executive Andrew Meslow. The moves come after activist investor Barington Capital last year bought a small stake and urged the company to split fast growing Bath & Body Works from Victoria’s Secret, push Wexner to give up his CEO position and refresh the board, where the majority of directors were men. Barington serves as an adviser to the company.
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