L Brands, Inc. announced the appointment of Sarah E. Nash as Chair of the Board of Directors, effective upon the close of the transaction to sell a majority interest in Victoria’s Secret to Sycamore Partners.
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As previously announced on 20th February, 2020, Leslie H. Wexner will step down as Chief Executive Officer and Chairman of L Brands upon the close of the transaction and will remain a member of the Board as Chairman Emeritus. Additionally, current lead independent director Allan Tessler, as well as directors Gordon Gee and Raymond Zimmerman, will retire as of the date of the Annual Meeting. Upon Mr. Tessler’s retirement, Ms. Nash will serve as lead independent director.
“Sarah has brought fresh perspectives to L Brands since joining the Board last year, and her wealth of experience advising companies in their strategic and financial initiatives make her ideally suited to serve as Chair,” said Tessler.
“Following the recently announced transformative transaction with Sycamore, the company is on the best path forward to advance the growth of Bath & Body Works as a standalone company and deliver enhanced value for all L Brands shareholders. We are pleased the Board and management team will continue to benefit from Sarah’s insights and leadership as the organization remains focused on driving the business forward,” continued Tessler.
“I am honored to be named Chair of L Brands as the company enters this exciting new chapter in its history,” said Nash.
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“We continue to make progress towards closing the previously announced transaction with Sycamore. I look forward to working with my fellow Board members and the company’s management team to support the growth and success of L Brands in the years ahead,” continued Nash.