L Brands has said that board member Sarah Nash will be replacing Les Wexner as the chair of the board. The move will happen once L Brands closes on its deal to sell a majority of its stake in Victoria's Secret to Sycamore Partners. At which point, Wexner will step down as CEO of Victoria's Secret and assume a chair emeritus position.
In addition to her role as chair of the board, Nash will also take over the role of lead independent director after current lead independent director Allen Tessler retires. Currently, Nash is CEO of manufacturing company Novagard Solutions. She has been on the board of L Brands for a year.
Unloading Victoria's Secret couldn't come at a better time for L Brands as coronavirus is causing declining traffic to brick-and-mortar stores and malls. L Brands also stands to see sales increase at Bath & Body Works as consumers flock to buy soaps and hand sanitizers.