Les Wexner To Leave Victoria’s Secret

It was a long-time coming, but #MeToo caught up with Les Wexner, too. The retail icon who helped create the sexually-charged Victoria's Secret brand that has fallen so far out of fashion, will not stand for re-election to the L Brands board in May; neither will his wife, Abigail. In a statement, Wexner, 83, said:

“L Brands is at a terrific place in its history. The board is incredibly well-led by Sarah and we have two new wonderful directors joining us. We have some of the strongest brand leaders in our history and the businesses are well positioned going into the future. I am more confident than ever that we have very positive momentum as we approach the planned separation into two businesses. Now is an ideal time for Abigail’s and my transition from the board.”

In recent years, Victoria's Secret, which has a sizeable cosmetics business, accounted for just 19% of the US lingerie market, down from 32% in 2015, according to NPD. What's worse was Wexner's relationship with registered sex offender Jeffrey Epstein, who died of apparent suicide in a New York City jail after being arrested for sex trafficking.

With Wexner's exit, a new era begins at L Brands and Victoria's Secret. In his place, Francis Hondal, president of loyalty and engagement at Mastercard, and Danielle Lee, chief fan officer for the National Basketball Association, have been named independent members of the board, bringing the total board to 10 directors, nine of whom are independent and six of whom are women, including Chairperson Sarah Nash.

“We are thrilled to welcome Francis and Danielle to the L Brands board,” Nash said. “Their respective abilities to foster connections with consumers across in-person as well as digital channels will be invaluable as L Brands continues to execute its strategy and deliver engaging shopping experiences. 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 skill sets and backgrounds to drive value for shareholders and effectively guide the company through the planned separation and beyond.”

L Brands, of course, is more than lingerie. The company has built a sizeable personal care business via its Bath & Bodyworks. In fact, the company continues to explore a possible spinoff of the more profitable BBW franchise. L Brands was ranked No. 8 in Happi's 2020 Top 50 report.