Victoria’s Secret honcho Leslie Wexner voluntarily retired Thursday as chairman and CEO of the retail big he began six many years in the past, his status as a visionary businessman confused by his long-time relationship with Jeffrey Epstein.
Wexner, 82, will maintain the title of chairman emeritus as soon as the sale of a majority stake in L Brands, which additionally consists of PINK and Bath & Body Works, to Sycamore Accomplice is finalized.
Allan Tessler, who helped negotiate the transition, known as Wexner, “a retail legend who has constructed unimaginable manufacturers which might be family names across the globe” in a press launch from the corporate.
Wexner and his spouse, Abigail, are two of Ohio State University’s largest benefactors. His change of standing got here 10 days after five former OSU wrestlers who accused their alma mater of failing to guard them against a predator crew physician formally requested an investigation into the varsity’s relationship with Epstein.
The quintet also requested that General Randall Meyer, the Ohio Inspector, probe accusations that Abigail Wexner, who sits on OSU’s board of trustees, allowed Epstein to sexually assault a younger girl at an Ohio property in the ownership of the Wexners.
The Wexner has denied enjoying any function within the alleged assault and insisted they minimize ties with Epstein in 2007 after the primary allegations surfaced that he was trafficking in and sexually abusing younger girls.
Asked whether Wexner’s departure from the day-to-day administration of L Brands was associated with the Epstein scandal, a Wexner spokesman assigned a reporter to the corporate communications division.
An L Brands spokeswoman highlighted the portion of the corporate press launch, which says “the choice to take this motion comes after thorough and considerate examination by our Board of the alternatives accessible to drive lengthy-time period worth for associates, companions, and shareholders.”
Epstein had been Wexner’s cash supervisor, and their relationship was so shut that the retail magnate gave him the energy of attorney and made him a trustee of the Wexner Basis.
In August, Epstein died by suicide in a New York City jail cell. He was 66 and had been arrested on July 6 and charged with sexually abusing dozens of underage women at his properties in New York and Florida within the early 2000s.