Victoria's Secret-owner L Brands Chief Executive Officer Leslie Wexner is i...
) Chief Executive Officer Leslie Wexner is in talks to step aside from the role and is exploring strategic alternatives for the lingerie brand, the Wall Street Journal reported on Wednesday.
The nearly $6-billion company has faced slumping sales at the lingerie giant in recent quarters and has drawn criticism from an activist investor and increasing competition from online retailers.“Fresh perspective would likely be a positive in ‘righting the ship’,” Jefferies analysts said in a note. The analysts cautioned that bulls are over-valuing the Bath & Body Works unit and under estimating challenges for Victoria’s Secret.
Wexner has been in focus for his association with the late financier Jeffrey Epstein, who was entrusted with managing the billionaire’s personal finances and served as trustee of his charitable foundation. Wexner has not been accused of criminal wrongdoing. In March, Barington Capital urged the company to separate the roles of chairman and chief executive. The company also called for the sale of the struggling lingerie brand.Sales at Victoria’s Secret have fallen for at least four quarters.
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Victoria’s Secret Billionaire Leslie Wexner In Talks To Step Down And Sell CompanyL Brands stock soared more than 12% on the news Wednesday.
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