Leslie H. Wexner and his wife, Abigail, are retiring from the board of L Brands, the giant retailer that Wexner founded in 1963.
L Brands said Thursday the Wexners will not stand for re-election to the board at the annual shareholders' meeting in May.
The move follows Leslie Wexner's decision last year to retire as chairman and CEO of the company that operates Victoria's Secret and Bath & Body Works.
Wexner turned a single Limited store into a global retail powerhouse that once included such brands as Abercrombie & Fitch, Lane Bryant and Express.
"L Brands is at a terrific place in its history," Wexner said in a statement.
He praised Sarah Nash, who took over last year as chairwoman of the board, and the company's other leaders, saying the company is well positioned as it looks to separate Victoria's Secret into another company or sell it.
"Now is an ideal time for Abigail’s and my transition from the board," he said. "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.”
L Brands also announced that 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 the company's board.
With the departure of the Wexners in May, the board will have 10 directors. Of the 10, six will be women including Nash.
“Serving with Les has been an inspiration for all of us at L Brands," Nash said in a statement. "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."
