L Brands is selling a 55% interest in Victoria's Secret to Sycamore Partners for $525 million, as Les Wexner is stepping down as chairman and CEO of the corporation, Bloomberg reported on Thursday. The parent company will be keeping the remaining 45% of the brand.
"I think about the endless possibilities ahead for this company. And I’ve thought about where I fit in the picture", Wexner said in a memo, according to Bloomberg News. "In keeping with this same thoughtful examination, I have decided that now is the right time to pass the reins to new leadership".
The Chief Operating Officer of the Bath & Body Works operation will take Wexner's place as the new CEO.
The company was founded in 1977 in Columbus, Ohio. By 2019 it had become the biggest lingerie retailer in the United States.