L Brands CEO steps down as company sells majority share in Victoria's Secret

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• Les Wexner is stepping down as CEO and chairman of L Brands after more than five decades at the helm of the company.
• The company is selling a 55% stake in Victoria's Secret to Sycamore Partners. L Brands will retain a 45% stake in the brand.
• L Brands owned Bath & Body Works will become a standalone company.
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Les Wexner is stepping down as chairman and CEO of L Brands, the company confirmed Thursday.

In a statement to the press, L Brands said that it is selling a 55% stake in Victoria's Secret to Sycamore Partners; L Brands will retain a 45% stake in the brand.

L Brands-owned company Bath & Body Works will operate as a standalone company, it said.

Wexner founded what is now L Brands in 1963 and is the longest-standing CEO of any Fortune 500 company.

In a statement to the press he said:

We believe the separation of Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK into a privately held company provides the best path to restoring these businesses to their historic levels of profitability and growth.

Sycamore, which has deep experience in the retail industry and a superior track record of success, will bring a fresh perspective and greater focus to the business. We believe that, as a private company, Victoria's Secret will be better able to focus on longer-term results.

We are pleased that, by retaining a significant ownership stake, our shareholders will have the ability to meaningfully participate in the upside potential of these iconic brands.

This story is developing.

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