LB - Wexner to leave L Brands board after business struggles Epstein controversy

L Brands ([[LB]] -0.2%) says longtime leader Les Wexner and his wife Abigail will not stand for re-election to its board at the annual shareholders meeting in May.Les Wexner served as CEO from 1963 until early 2020, and he was the longest-serving CEO of an S&P 500 company when he retired after 57 years.But the business shrank in his final years as CEO, losing customers to online rivals with lower prices and more inclusive marketing.He also was embroiled in controversy over his relationship with indicted sex trafficker Jeffrey Epstein, who was Wexner's money manager for more than two decades.L Brands says it appointed Francis Hondal, the president of loyalty and engagement at Mastercard, and Danielle Lee, chief fan officer for the NBA, to its board.The company recently unveiled actions designed to enhance shareholder value after improving its liquidity position, including a new $500M stock buyback program.

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Wexner to leave L Brands board after business struggles, Epstein controversy