Les Wexner, the founder of L Brands, has announced that he and his wife Abigail will not stand for re-election to the company’s board in May 2021.
Wexner, who created the company in 1963, also stepped down from the role of chief executive last year, after a deal which would have seen private equity firm Sycamore Partners pay $525m (£376m) for a 55% stake of Victoria Secret was terminated.
The agreement was designed to allow Victoria’s Secret to operate as a separate business from L Brands’ other chain, Bath and Body works.
However, in a company update the former chief noted that the company is still continuing to pursue the split, without the help of Sycamore Partners.
In addition, the group also announced that Danielle Lee, chief fan officer for the National Basketball Association, and Francis Hondal, president of loyalty and engagement at Mastercard have been appointed as two new independent members of its board of directors.
Sarah Nash, chair of the board, said: “Serving with Les has been an inspiration for all of us at L Brands. His thoughtful approach to developing brands and building dedicated and talented teams have enabled L Brands to evolve and succeed as a leading specialty retailer for nearly 60 years.
“I am so appreciative of everything that Les and Abigail have done to serve this board and L Brands’ stakeholders. With the strong foundation we have in place, we are so excited to move forward with the company’s next chapter and our plans to create two businesses in the future.”
She added: “The appointments of these two highly talented individuals reinforce the board’s commitment to ensuring we have a diverse and qualified board with the right skillsets and backgrounds to drive value for shareholders and effectively guide the company through the planned separation and beyond.”