L Brands CEO steps down as company sells majority share in Victoria's Secret

• Les Wexner is stepping down as CEO and chairman of L Brands after more than five decades at the helm of the company.
• The company is selling a 55% stake in Victoria's Secret to Sycamore Partners. L Brands will retain a 45% stake in the brand.
• L Brands owned Bath & Body Works will become a standalone company.
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Les Wexner is stepping down as chairman and CEO of L Brands, the company confirmed Thursday.

In a statement to the press, L Brands said that it is selling a 55% stake in Victoria's Secret to Sycamore Partners; L Brands will retain a 45% stake in the brand.

L Brands-owned company Bath & Body Works will operate as a standalone company, it said.

Wexner founded what is now L Brands in 1963 and is the longest-standing CEO of any Fortune 500 company.

In a statement to the press he said:

This story is developing.

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