Leslie Wexner, the billionaire founding father of L Manufacturers, the father or mother firm of Victoria's Secret, is in talks to step down as CEO,
Leslie Wexner, the billionaire founding father of L Manufacturers, the father or mother firm of Victoria’s Secret, is in talks to step down as CEO, according to the Wall Street Journal. He’s presently exploring strategic alternate options for the Victoria’s Secret model, the WSJ stated, citing folks near the matter.
L Brands shares jumped greater than 11% in premarket buying and selling Wednesday on the report.
The corporate is aiming to achieve a choice on the potential sale and resolve succession plans in coming weeks, the report stated.
CNBC reported in November the corporate was exploring a spin-off of the Victoria’s Secret model or a “non-public funding in public fairness” to assist pay down the corporate’s debt. On the time, it was it was exploring such offers with a construction that will preserve Wexner in place. Wexner’s in depth historical past with accused intercourse trafficker Jeffrey Epstein made some buyers cautious of such a deal, an individual conversant in the state of affairs on the time.
Meantime, activist fund Barington Capital Group final 12 months took a stake in L Manufacturers and criticized the corporate’s efficiency and questioned the independence of its board. L Manufacturers and Barington later reached a truce that added the fund as a particular advisor to the corporate. The settlement additionally added board members Anne Sheehan, chair of the Securities and Change Fee’s investor advisory committee, and Sarah Nash, CEO…