L Brands founder Leslie Wexner is stepping down as CEO and chairman as the company confirms plans to sell a controlling stake in Victoria's Secret
Les Wexner’s decision to part ways with Victoria’s Secret is an admission that the 82-year-old billionaire couldn’t revive the fortunes of a troubled lingerie brand he had built around shopping malls and sex appeal.
On Thursday, he agreed to sell a controlling stake in the chain to Sycamore Partners for $525 million and step down from his roles as chairman and chief executive of its parent company, L Brands Inc. The Wall Street Journal had previously reported on the moves.
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