Les Wexner to Officially Step Down

Leslie Wexner will officially be stepping down as CEO of L Brands (Columbus, Ohio) when the sale of a 55 percent stake of its lingerie business to Sycamore Partners (New York) has been completed.

L Brands will still own a 45 percent stake in the company, and Wexner will remain Chairman Emeritus of the company, Retail Dive reports, while Bath & Body Works Chief Operating Officer Andrew Meslow will eventually become L Brands CEO.

Sycamore Partners obtained the 55 percent interest in Victoria’s Secret for roughly $525 million USD.