L Brands CEO Leslie Wexner may step down, Victoria's Secret may be sold: report
Wexner, 82, is the longest-serving S&P Global 500 CEO in the world
Billionaire businessman Leslie Wexner is in talks to step down as CEO of L Brands, a retail conglomerate that owns Victoria's Secret, The Wall Street Journal reports.
The move could result in a full or partial sale of the women's lingerie store, according to the Journal.
L Brands told FOX Business it "does not comment on such rumors."
Wexner, 82, made Victoria's Secret, The Limited and Abercrombie & Fitch into national retail chains over the last 57 years through L Brands, making him the longest-serving S&P Global 500 CEO in the world. He would likely still serve as chairman for L Brands, sources told the Journal.
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Wexner's leadership at L Brands drew scrutiny in 2019 amid a sales slump at Victoria's Secret, as well as his personal ties to the late sex offender Jeffrey Epstein, who managed the billionaire's financial assets.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
LB | LANDBRIDGE CO. LLC | 50.50 | -1.05 | -2.04% |
L Brands executives faced pressure to oust the company founder in November after the company shuttered dozens of stores, FOX Business Senior Correspondent Charlie Gasparino reported at the time.
L Brands' shares fell by 29 percent in 2019, and its market value reached only $6 billion compared to the $29 billion it had at its peak, according to the Journal.