Victoria's Secret board of directors, new partnerships unveiled
L Brands' spin-off of Victoria's Secret is taking shape, as it secures a board of directors for the standalone, publicly traded company that is expected to be formed through the separation of its Bath & Body Works and Victoria’s Secret businesses.
L Brands unveiled on Wednesday that the new Victoria’s Secret Board is expected to consist of seven directors, six of whom are independent and six of whom are women including the chair of the board, who will be Donna James, managing director, Lardon & Associates LLC.
The other members include Irene Chang Britt, senior vice president, global baking and snacking, Campbell Soup Company; Sarah Davis, former president, Loblaw Companies Limited; Jacqueline Hernández, former chief marketing officer, Hispanic Enterprises and Content, NBC Universal; Lauren Peters, former chief financial officer, Foot Locker, Inc.; Anne Sheehan, former chair of the Securities and Exchange Commission’s Investor Advisory Committee; and finally, Martin Waters, chief executive officer, Victoria’s Secret. The two directors who currently serve on the L Brands board are expected to step down from the board in connection with the separation.
“Today marks an exciting milestone in our plans to launch Victoria’s Secret as an independent, publicly traded company,” said Sarah E. Nash, chair of L Brands’ Board.
“We are thrilled with the group of diverse and seasoned executives who will comprise the new Victoria’s Secret Board. These individuals collectively bring immense leadership and industry experience as well as financial and governance expertise, which will be instrumental as the Victoria’s Secret team continues to realize the brand’s full potential.”
The announcement coincides with the launch of two partnerships designed to positively impact the lives of women around the world: The VS Collective and the VS Global Women’s Cancer Fund. While, The VS Collective, a new partnership platform, will bring together a group of trailblazers, The VS Global Women’s Cancer Fund is an initiative to fund innovative research projects aimed at progressing treatments and cures for women’s cancers and investing in the next generation of female scientists.
The partnerships come as the brand has struggled to keep step with shifts in the lingerie sector, which has focused around comfort, diversity and inclusivity in recent years.
The previously announced plan to separate Bath & Body Works and Victoria’s Secret into standalone publicly listed companies remains on track to be completed in August 2021.
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