L Brands appoints Sarah Nash as board chair
Columbus, Ohio-based apparel group L Brands Inc. announced on Thursday the appointment of Sarah E. Nash as chair of the board of directors.
Nash, will replace Leslie Wexner, who announced last month that he would step down from his long-time role as chief executive officer and chairman of L Brands.
Moreover, current lead independent director Allan Tessler, as well as directors Gordon Gee and Raymond Zimmerman, will retire as of the company's next annual meeting. Upon Tessler’s retirement, Nash will serve as lead independent director.
“Sarah has brought fresh perspectives to L Brands since joining the board last year, and her wealth of experience advising companies in their strategic and financial initiatives make her ideally suited to serve as chair,” said Tessler, in a news statement.
The news follows L Brands move to sell a controlling stake in its Victoria's Secret unit to investment firm Sycamore Partners.
The private equity firm will own 55 percent of Victoria's Secret, while L Brands will keep a 45 percent stake.
“Following the recently announced transformative transaction with Sycamore, the company is on the best path forward to advance the growth of Bath & Body Works as a standalone company and deliver enhanced value for all L Brands shareholders,” added Tessler.
Nash was previously CEO of closely held Novagard Solutions, a manufacturing company based in Cleveland, Ohio. She also worked JPMorgan Chase & Co. She will take over when Sycamore Partners takes control.
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