L Brands, Inc. announced leadership and governance changes will go into effect as of the 2020 Annual Meeting of Stockholders, which will be held in a virtual-only format on May 14, 2020: Leslie Wexner will step down as Chief Executive Officer and Chairman of the Board of L Brands. He will remain a member of the Board as Chairman Emeritus; Andrew Meslow, CEO of Bath & Body Works, will become CEO of L Brands and join the Board; Sarah Nash will become Chair of the Board; and Allan Tessler, current lead independent director, Gordon Gee and Raymond Zimmerman will retire from the Board. The Board has appointed Stuart Burgdoerfer, current Chief Financial Officer of L Brands, as Interim Chief Executive Officer of Victoria's Secret, effective immediately.

Burgdoerfer will also continue to serve as CFO of L Brands and will have a dual reporting relationship to Nash as the incoming Board Chair and Meslow as the new CEO of L Brands.