L Brands has announced that Les Wexner and his wife Abigail will not stand for reelection to the board at its annual shareholders' meeting in May 2021.
Previously: L Brands Q4, Full-Year 2020 Results
Francis Hondal, president of loyalty and engagement at Mastercard, and Danielle Lee, chief fan officer for the National Basketball Association, have been appointed as two new independent members of its board of directors.
Hondal is a member of Mastercard's management committee and currently leads the development of products that enable exceptional consumer experiences through loyalty, rewards and performance-based marketing services for enterprises worldwide.
Lee oversees brand, creative and multiplatform fan marketing globally and is charged with elevating brand perception, cultural connection and fan engagement.
Les Wexner said, “L Brands is at a terrific place in its history. The Board is incredibly well-led by Sarah and we have two new wonderful directors joining us. We have some of the strongest brand leaders in our history and the businesses are well positioned going into the future. I am more confident than ever that we have very positive momentum as we approach the planned separation into two businesses."
He added, "Now is an ideal time for Abigail’s and my transition from the Board. When I retired from the business last year, I said that creating this business and working with so many talented associates, literally millions of them, was a source of great pride. I am deeply honored to have been a part of the lives of so many associates and customers since I first opened the doors in 1963.”
Sarah Nash, chair of the board, said:
Serving with Les has been an inspiration for all of us at L Brands. His thoughtful approach to developing brands and building dedicated and talented teams have enabled L Brands to evolve and succeed as a leading specialty retailer for nearly 60 years. I am so appreciative of everything that Les and Abigail have done to serve this board and L Brands’ stakeholders. With the strong foundation we have in place, we are so excited to move forward with the company’s next chapter and our plans to create two businesses in the future.
We are thrilled to welcome Francis and Danielle to the L Brands Board. Their respective abilities to foster connections with consumers across in-person as well as digital channels will be invaluable as L Brands continues to execute its strategy and deliver engaging shopping experiences. The appointments of these two highly talented individuals reinforce the Board’s commitment to ensuring we have a diverse and qualified board with the right skillsets and backgrounds to drive value for shareholders and effectively guide the company through the planned separation and beyond.