FOX Business’ Charlie Gasparino says his Wall Street sources claim L Brands is being pressured to ditch its CEO Leslie Wexner and to break up the company.
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.
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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.”
Brazilian model Barbara Fialho walks the runway at the 2018 Victoria’s Secret Fashion Show on November 8, 2018 at Pier 94 in New York City. (TIMOTHY A. CLARY/AFP via Getty Images)
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 | L BRANDS INC. | 23.18 | +2.62 | +12.77% |
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.
