Report: Les Wexner in Talks to Step Down as L Brands CEO


COLUMBUS, Ohio (WTVN)--The Wall Street Journal is reporting that L Brands CEO and Founder Les Wexner is in talks to step down.

Sources tell the Journal that the deal could include either a full or partial sale of Victoria's Secret, the lingerie brand that has struggled in recent years with declining sales.

The company also canceled the once-popular Victoria's Secret Fashion Show.

Wexner has been involved with the company for 57 years. L Brands currently includes Pink, Bath & Body Works, and Victoria's Secret. In the past, Abercrombie & Fitch and The Limited were also under the L Brands umbrella.

Wexner would reportedly stay on as the company's Chairman.