L Brands to welcome two new Board members as Wexner steps down

L Brands to welcome two new Board members as Wexner steps down

THE WHAT? L Brands has announced the appointment of two new members of its Board; Francis Hondel, President of Loyalty and Engagement at Mastercard, and Danielle Lee, Chief Fan Officer for the NBA.

THE DETAILS Les and Abigail Wexner, meanwhile, will step down at the annual shareholders’ meeting in May, 2021.

Following the changes, the L Brands Board will boast a female majority, with six out of 10 members, including the Chair, women and nine independent members.

“We are thrilled to welcome Francis and Danielle to the L Brands Board,” commented Sarah Nash, Chair of the Board. “Their respective abilities to foster connections with consumers across in-person as well as digital channels will be invaluable as L Brands continues to execute its strategy and deliver engaging shopping experiences. The appointments of these two highly talented individuals reinforce the Board’s commitment to ensuring we have a diverse and qualified board with the right skillsets and backgrounds to drive value for shareholders and effectively guide the company through the planned separation and beyond.”

THE WHY? Les Wexner explains, “L Brands is at a terrific place in its history. The Board is incredibly well-led by Sarah and we have two new wonderful directors joining us. We have some of the strongest brand leaders in our history and the businesses are well positioned going into the future. I am more confident than ever that we have very positive momentum as we approach the planned separation into two businesses. Now is an ideal time for Abigail’s and my transition from the Board. When I retired from the business last year, I said that creating this business and working with so many talented associates, literally millions of them, was a source of great pride. I am deeply honored to have been a part of the lives of so many associates and customers since I first opened the doors in 1963.”

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