L Brands founder Leslie Wexner will not stand for re-election to board of directors

(Reuters) – Victoria’s Secret owner L Brands Inc said Thursday Chairman Emeritus and former CEO Leslie Wexner would not be running for the board of directors at its shareholders meeting in May.

Wexner, 83, who bought Victoria’s Secret in 1982 and shaped her image by hiring models to wear jewelry-encrusted bras and wings on her annual fashion shows, has resigned as CEO of the last year under pressure from investors.

Wexner has been at the center of his association with the late financier Jeffrey Epstein, who was entrusted with managing the billionaire’s personal finances and was the administrator of his charitable foundation. Wexner has not been charged with criminal wrongdoing.

L Brands added that Wexner’s wife Abigail Wexner would not stand for re-election and the company has appointed two other independent members to its board of directors.

(Reporting by Aishwarya Venugopal in Bangalore; Editing by Amy Caren Daniel)

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