L Brands founder Leslie H. Wexner may be stepping down as CEO of the Columbus-based company and selling off the Victoria’s Secret lingerie brand, according to multiple reports.
Wexner, 82, founded the L Brands business in 1963 as women’s retail clothing stores The Limited. The company changed its name to Limited Brands in 2002 and to L Brands in 2013 after selling off The Limited. He is is the longest-serving CEO of an S&P 500 company. L Brands is the parent company for Bath & Body Works and other stores.
According to a Jan. 29 Wall Street Journal story, Wexner is considering a full or partial sale of Victoria’s Secret.
An L Brands spokesperson told the Columbus Jewish News Jan. 29, “We would not comment on such rumors.”
The CJN reached out to The Wexner Foundation in New Albany, which also would not comment.
According to Forbes magazine, Wexner and his family are the wealthiest family in Ohio with a net worth of $4.7 billion.