L Brands' founder, Les Wexner, and his wife Abigail Wexner, will not stand for reelection to the Board at the company's annual shareholders’ meeting in May 2021.

Les Wexner is 83 years old, and has been with the company for six decades. (He is shown above, right; Photo via his biography at  Academy of Achievement) 

He stepped down last year as the company's chairman and CEO, when L Brands announced it was selling Victoria's Secret—in one of the biggest beauty brand deals & acquisitions of 2020. 

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 L Brand’s Board of Directors.

With these changes, in May 2021, the Board will consist of 10 directors, nine of whom are independent and six of whom are women (including the Chair of the Board).
 
Les Wexner comments:

“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 continues: 
 

“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,” Wexner added.
 

Les Wexner Wexner got his start in 1963, when he used a $5,000 loan from his aunt to open The Limited—and the rest is history. 

His career wasn't without controversy, however, as he had ties to Jeffrey Epstein. 

More Comments—New Board Members

Sarah Nash, Chair of the Board, said, “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,” Nash continued. “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.”