L Brands names Sarah Nash as new Chair of its board of directors

L Brands, Inc. has announced the appointment of Sarah E. Nash as Chair of the board of directors, effective upon the close of the transaction to sell a majority interest in Victoria’s Secret to Sycamore Partners. As previously announced on February 20, 2020, the company said in a statement, Leslie H. Wexner will step down as chief executive officer and chairman of L Brands upon the close of the transaction and will remain a member of the board as Chairman Emeritus. Additionally, current lead independent director Allan Tessler, as well as directors Gordon Gee and Raymond Zimmerman, will retire as of the date of the annual meeting and upon Tessler’s retirement, Nash will serve as lead independent director.

Sarah Nash to take over as L Brands’ board chairman

“Sarah has brought fresh perspectives to L Brands since joining the board last year, and her wealth of experience advising companies in their strategic and financial initiatives make her ideally suited to serve as chair,” said Tessler, adding, “Following the recently announced transformative transaction with Sycamore, the company is on the best path forward to advance the growth of Bath & Body Works as a standalone company and deliver enhanced value for all L Brands shareholders.

Sarah Nash joined the L Brands Board in May 2019. She is currently the Chair of the board and Chief Executive Officer of privately held Novagard Solutions, a manufacturer of silicone and thermal sealants, coatings and foam products and has held this position since 2018. Nash spent nearly 30 years in investment banking at JPMorgan Chase & Co., retiring as vice chairman, global investment banking, in 2005.

“I am honored to be named Chair of L Brands as the company enters this exciting new chapter in its history. We continue to make progress towards closing the previously announced transaction with Sycamore,” added Nash.

Nash currently serves on the board of Blackbaud, Inc., a software company providing technology solutions for the not-for-profit industry, and has done so since 2010, on the board of Knoll, Inc., a designer and manufacturer of lifestyle and workplace furnishings, textiles and fine leathers, and has done so since 2006 and on the board of privately held Irving Oil Company and has done so since 2012. Nash is a trustee of the New York-Presbyterian Hospital, a member of the National Board of the Smithsonian Institution and Chairman of the International Advisory Board of the Montreal Museum of Fine Arts.

Picture:L Brands media centre