L Brands, Inc. and Sycamore Partners announced a strategic transaction that is intended to deliver long-term value to L Brands shareholders by positioning Bath & Body Works as a highly profitable, standalone public company and separating Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK (collectively, Victoria's Secret) into a privately-held entity focused on reinvigorating its market-leading businesses and returning them to historic levels of profitability and growth. Upon the closing of the transaction, Leslie H. 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.

At the close of the transaction, Andrew Meslow will become Chief Executive Officer of L Brands and will join its Board. Meslow, who joined L Brands in 2003, has 29 years of experience in the retail industry, the last 15 at Bath & Body Works. The company has also demonstrated its continuing commitment to board refreshment, most recently through last year's election of Sarah Nash and Anne Sheehan to the Board.

This refreshment process will continue this year with the retirement, as of the date of Annual Meeting, of the following directors: Allan Tessler, lead independent director; Gordon Gee; and Raymond Zimmerman. Andrew Meslow will join the Board at the closing of the transaction. In addition, Heidrick & Struggles remains engaged to assist in the identification and evaluation of potential new directors.