Les Is Ex
Leslie H. Wexner, the long-time head of L Brands, is expected to step down as CEO this week. Wexner, 82, is the longest-serving CEO in the S&P 500, but he couldn't outlast his long-time relationship with the disgraced financier Jeffrey Epstein. L Brands was ranked No. 8 in Happi's The Top 50.
In addition, observers say the company plans to go private in a sale to Sycamore Partners. According to sources, Sycamore will buy 55% of Victoria's Secret, which was valued at $1.1 billion, according to one of the people with knowledge of the deal who spoke on condition of anonymity because it had not been announced.
At one time in his career, Wexner was hailed as "one of the great merchant princes of the late 20th century," but Limited Brands has stumbled badly in recent years, as the company was slow to pick up on the new retail landscape and the changing attitudes toward overtly-sexual lingerie offerings.
More recently, Wexner faced criticism for his long-time friendship with Epstein, who committed suicide in a New York City jail after being charged with sex trafficking involving girls as young as 14.
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