L Brands finds a replacement for Leslie Wexner. Sarah E. Nash, a board member of the group since May 2019, has been appointed as L Brand’s new chair of the board of directors, according to a statement released by the group. The appointment will be effective upon the closure of the transaction to sell a majority interest in Victoria’s Secret to Sycamore Partners.
Wexner, owner of L Brands and promoter of the lingerie chain, will remain a member of the board as chairman emeritus. Three other council members, Allan Tessler, Gordon Gee, and Raymond Zimmerman, will also leave the company this year.
Nash is currently the president and CEO of privately held Novagard Solutions, a company specializing in the manufacturing of silicone and thermal sealants, adhesives, and lubricating products. Nash spent much of her career at JP Morgan, and until 2005, she was Vice President of Global Investment Banking.
Leslie Wexner will remain a member of the board as chairman emeritus
Last February, L Brands agreed to sell 55% of Victoria’s Secret to the Sycamore Partners fund. The operation implies that the company will now operate privately. In 2019, the group ended the year with a decline in sales of 2.4%, to 13 billion dollars. The net result of the company also took a hit and carried on with a loss of 366 million dollars.