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Victoria’s Secret CEO Les Wexner is Stepping Down After 60 Years

By Jade Cooper
Victorias Secret
Models walk in the Victoria's Secret Fashion Show in Paris, France on November 30, 2016. Editorial credit: Sky Cinema / Shutterstock.com

Leslie Wexner, Founder and CEO of Victoria’s Secret parent L Brands, is stepping down from his role as CEO after nearly six decades at the helm, the company has announced.

L Brands is the conglomerate behind Victoria's Secret, Bath & Body Works and Pink. The company is separating into two entities, Bath & Body Works will become a standalone public company, and Victoria’s Secret, Pink, and Victoria's Secret Beauty will form a single brand, and will be taken private.

Private equity firm Sycamore Partners will acquire a 55 percent stake in Victoria’s Secret for about $525 million.

Wexner said in a press release today that separating Victoria's Secret into a privately held company "provides the best path to restoring these businesses to their historic levels of profitability and growth."

Sales at Victoria's Secret's stores that were open at least a year ago fell 10 percent in the fourth quarter, L Brands said in the statement.

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