Victoria’s Secret honcho Leslie Wexner stepped down Thursday as chairman and CEO of the retail wide he began six a protracted time within the past, his recognition as a visionary businessman rattled by his long-time relationship with sexual predator Jeffrey Epstein.
Wexner, 82, will retain the title of chairman emeritus as soon as the sale of a majority stake in L Brands, which additionally involves PINK and Bathtub & Body Works, to Sycamore Companion is finalized.
“On the present time is the starting up of a crucial unique chapter within the evolution of the enterprise, “ Wexner talked about in an electronic mail to employees.
Allan Tessler, who helped negotiate the transition, called Wexner “a retail fable who has built impossible brands which can per chance be household names all over the globe” in an announcement from the firm.
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Wexner and his wife, Abigail, are two of Ohio Allege University’s largest benefactors. His trade of situation came 10 days after five ragged OSU wrestlers who accused their alma mater of failing to guard them from a predator crew doctor formally requested an investigation into the faculty’s relationship with Epstein.
The quintet additionally requested that Ohio Inspector In style Randall Meyer probe allegations that Abigail Wexner, who sits on OSU’s board of trustees, enabled Epstein to sexually assault a young woman at an Ohio property “owned and secured” by the Wexners.
The Wexners have denied playing any feature within the alleged assault and insisted they minimize ties with Epstein in 2007 after the first allegations surfaced that he became as soon as trafficking in and sexually abusing young females.
Asked if Wexner’s departure from the day-to-day administration of L Brands became as soon as connected to the Epstein scandal, a Wexner spokesman referred a reporter to the firm’s communications department.
An L Brands spokeswoman highlighted the fragment of the firm press free up which says “the choice to take this action comes after thorough and considerate examination by our Board of the alternatives readily available to force long-term value for associates, companions and shareholders.”
Epstein had been Wexner’s cash manager and their relationship became as soon as so halt that the retail magnate gave him energy of lawyer and made him a trustee of the Wexner Basis.
In August, Epstein died by suicide in a Contemporary York Metropolis jail cell. He became as soon as 66 and he had been arrested on July 6 and charged with sexually abusing dozens of underage ladies at his properties in Contemporary York and Florida within the early 2000s.
“Being taken good thing about by somebody who’s … so unfriendly is something I’m embarrassed I’m even halt to,” Leslie Wexner talked about in a September interview about his relationship with Epstein. “In the divulge, every person has to certainly feel colossal remorse for the advantage that became as soon as taken of so many young females.”
Corky Siemaszko is a senior writer for NBC News Digital.
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