The billionaire businessman behind Victoria's Secret is reportedly in talks to step down as CEO and sell the lingerie brand
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- Les Wexner, the billionaire businessman behind L Brands, is reportedly "in discussions" to step down as CEO of the company and sell the Victoria's Secret brand, according to a Wall Street Journal report.
- Sources familiar with the matter also told The Journal that the company is looking to reach a potential deal in the coming weeks. A spokesperson from L Brands declined to comment on this when contacted by Business Insider.
- Wexner founded what is now L Brands in 1963 and is the longest-standing CEO of any Fortune 500 company.
- The news of his possible departure and the selling of the Victoria's Secret brand comes after several years of declining sales and pressure from analysts and shareholders to address concerns over the business.
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Retail billionaire Les Wexner is reportedly "in discussions" to step down as CEO from L Brands, the company behind Victoria's Secret and Bath & Body Works, according to a new report from The Wall Street Journal.
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