COLUMBUS, Ohio - Les Wexner will be stepping down as Chief Executive Officer and Chairman of the Board of L Brands on May 14, according to the company.
In a press release, L Brands said Wexner will remain a member of the board as Chairman Emeritus.
Andrew Meslow, CEO of Bath & Body Works, will become the new CEO of L Brands and join the board. Sarah Nash will replace Wexner as the Chair of the Board.
Earlier this year, L Brands confirmed Wexner would step down following the sale of Victoria's Secret to Sycamore Partners.
However, it was reported in April that Sycamore Partners wanted to cancel the deal to purchase 55% of the brand.
On Monday, L Brands announced they reached an agreement with Sycamore Partner to terminate the sale.
In addition, the company said they are taking the steps to prepare Victoria's Secret (Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK) to operate as a separate, stand-alone company.
The board also appointed Stuart Burgdoerfer, current Chief Financial Officer of L Brands, as Interim Chief Executive Officer of Victoria’s Secret.
