Les Wexner steps down as CEO & Chairman of L Brands, as the company sells 55% stake
Les Wexner has stepped down as chairman & CEO of L Brands. The company said that it's selling a 55% stake in Victoria's Secret to Sycamore Partners; L Brands will retain a 45% stake in the brand. L Brands owned Bath & Body Works will operate as a standalone company. Wexner said Victoria's Secret will be better able to focus on longer-term results. Sycamore will bring fresh perspective & greater focus to the business.