L Brands Names Sarah Nash as Chairman to Replace Les Wexner

(Bloomberg) -- L Brands Inc., the embattled owner of Victoria’s Secret lingerie, named Sarah Nash to head its board as the company seeks to move past allegations of misconduct and a misogynistic culture.

• Nash is entering founder Leslie Wexner’s long-held seat that he announced he was vacating last month after Sycamore Partners gained majority share of the lingerie company. She joined the company’s board in 2019, the same year the retailer was hit by scandals and a deepening sales slump.

Key Insights

• Having a woman at the helm may help the company move past its recent troubles. Nash was previously CEO of closely held Novagard Solutions, a manufacturing company based in Cleveland, Ohio. She also worked JPMorgan Chase & Co., and will take over when Sycamore Partners takes control.
• Even before the deal that will give Sycamore a controlling stake, the company was under pressure to add more female leaders, as the company tries to catch up with rivals that have gained market share with more inclusive, body-friendly marketing.

To contact the reporter on this story: Jordyn Holman in New York at jholman19@bloomberg.net

To contact the editors responsible for this story: Anne Cronin at acronin14@bloomberg.net, Jonathan Roeder

©2020 Bloomberg L.P.