L Makes, the proprietor of Victoria’s Mystery and Bathtub & Physique Performs, reported on Thursday that Sarah Nash would be its new chair, replacing Leslie H. Wexner, the retail mogul who launched and ran the business for decades right before coming underneath intense scrutiny for his ties to the intercourse criminal Jeffrey Epstein.
Ms. Nash, the chief government of Novagard Remedies and a longtime expense banker at JPMorgan Chase, will start the part following the completion of the sale of Victoria’s Solution to a private fairness firm, the firm said. L Models stated last thirty day period that Mr. Wexner would action down as chief govt and chairman on the closing of the sale but would retain a board seat as chairman emeritus.
The appointment of a female in the function is a major step for a enterprise that was closely criticized for Mr. Wexner’s near ties to Mr. Epstein and revelations about an entrenched society of misogyny, bullying and harassment at Victoria’s Mystery. The aspects emerged at the finish of an if not illustrious career for Mr. Wexner, an 82-year-old billionaire who had been identified as the “Merlin of the mall.”
Still, the newly composed L Makes will oversee only Tub & System Works — not Victoria’s Mystery. Sycamore Companions, a private fairness company that has been acquiring struggling shops for the past decade, will possess 55 % of Victoria’s Secret right after the sale is accomplished.
L Brands also reported that 3 administrators who experienced served on the board for at least two many years would retire at the company’s once-a-year assembly this calendar year. Ms. Nash will also serve as the direct unbiased director of L Brand names immediately after the sale.