– USA, OH – L Brands, Inc. (NYSE: LB) today announced the appointment of Sarah E. Nash as Chair of the Board of Directors, effective upon the close of the transaction to sell a majority interest in Victoria’s Secret to Sycamore Partners.
“Sarah has brought fresh perspectives to L Brands since joining the Board last year, and her wealth of experience advising companies in their strategic and financial initiatives make her ideally suited to serve as Chair,” said lead independent director Allan Tessler.
As previously announced on February 20, 2020, Leslie H. Wexner will step down as CEO and Chairman of L Brands upon the close of the transaction and will remain a member of the Board as Chairman Emeritus.
Additionally, current lead independent director Allan Tessler, as well as directors Gordon Gee and Raymond Zimmerman, will retire as of the date of the Annual Meeting. Upon Mr. Tessler’s retirement, Ms. Nash will serve as the lead independent director.
“Following the recently announced transformative transaction with Sycamore, the company is on the best path forward to advance the growth of Bath & Body Works as a standalone company and deliver enhanced value for all L Brands shareholders. We are pleased the Board and management team will continue to benefit from Sarah’s insights and leadership as the organization remains focused on driving the business forward,” added Allan Tessler.
About Sarah Nash
Sarah Nash joined the L Brands Board in May 2019. She is currently the Chair of the Board and Chief Executive Officer of privately held Novagard Solutions, a manufacturer of silicone and thermal sealants, coatings and foam products and has held this position since 2018. Nash spent nearly 30 years in investment banking at JPMorgan Chase & Co. (and predecessor companies), retiring as Vice Chairman, Global Investment Banking, in 2005. Nash currently serves on the board of Blackbaud, Inc., a software company providing technology solutions for the not-for-profit industry, and has done so since 2010, on the board of Knoll, Inc., a designer and manufacturer of lifestyle and workplace furnishings, textiles and fine leathers, and has done so since 2006 and on the board of privately held Irving Oil Company and has done so since 2012.
“I am honored to be named Chair of L Brands as the company enters this exciting new chapter in its history,” said Nash. “We continue to make progress towards closing the previously announced transaction with Sycamore. I look forward to working with my fellow Board members and the company’s management team to support the growth and success of L Brands in the years ahead.”
Nash is a trustee of the New York-Presbyterian Hospital, a member of the National Board of the Smithsonian Institution and Chairman of the International Advisory Board of the Montreal Museum of Fine Arts.
About L Brands
L Brands, through Victoria’s Secret, PINK and Bath & Body Works, is an international company. The company operates 2,920 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 700 franchised locations worldwide.
For more information: https://www.lb.com
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