Les Wexner steps down from L brands as Victoria’s Secret sells to private buyer

10TV and L Brands have confirmed news first reported by the New York Times that Les Wexner will step down as chairman and CEO of the company.

Changes also include the private equity firm Sycamore Partners taking a 55% interest in Victoria’s Secret, with L Brands retaining the remaining 45% stake.

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“[Wexner] turned Victoria’s Secret into the world’s most recognizable lingerie brand before facing serious questions about his leadership based on the company’s internal culture and his relationship with the disgraced financier Jeffrey Epstein,” reports The Times.

Though stepping down as CEO, Wexner is expected to remain on the L Brands board and retain stakes in both Victoria’s Secret and Bath & Body Works.

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