{"id":25084,"date":"2020-02-29T08:00:10","date_gmt":"2020-02-29T08:00:10","guid":{"rendered":"https:\/\/www.ceo-na.com\/?p=25084"},"modified":"2020-03-02T18:22:37","modified_gmt":"2020-03-02T18:22:37","slug":"les-wexner","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/news\/les-wexner\/","title":{"rendered":""},"content":{"rendered":"

Les Wexner\u00a0has sold control of the troubled Victoria’s Secret.<\/p>\n

<\/p>\n

As\u00a0L Brands is crumbling under a $5.5 billion debt pile and plunging sales, Les Wexner, once\u00a0the longest-serving CEO of an S&P 500 company (now, Warren Buffett<\/a>, the leader of Berkshire Hathaway), is selling control of Victoria’s Secret after\u00a0almost six decades at the helm.<\/p>\n

Wexner bought Victoria\u2019s Secret in 1982 for $1m and built it into the largest lingerie retailer in the US, per The Guardian<\/a>. By the 1990s it had sales of more than $1bn and its famous \u2013 or infamous \u2013 annual fashion show, but as sales faltered from 2015 onwards, it seems as the troubled lingerie company is not expecting very much progress. The selling price for Victoria\u2019s Secret signifies a marked decline for a brand with hundreds of stores that booked about $7 billion in revenue last year.<\/p>\n

On his personal account, the 82-year old American businessman is dealing with his own troubles, including questions over his ties to the late financier Jeffrey Epstein<\/a>, who was indicted on sex-trafficking charges. Through a statement, he said the deal will provide the best path to restoring Victoria\u2019s Secret\u2019s businesses to their \u2019\u2019historical levels of profitability and growth.\u2033 The deal will also allow the company to reduce debt and Sycamore will bring a \u201cfresh perspective and greater focus to the business, \u201d he said.<\/p>\n

AP News reported<\/a> that the company\u2019s owner, L Brands, said February 20th that the private-equity firm Sycamore Partners will buy 55% of Victoria\u2019s Secret for about $525 million. The Columbus, Ohio, company will keep the remaining 45% stake. After the sale, L Brands will be left with its Bath & Body Works chain and Victoria\u2019s Secret will become a private company.<\/p>\n

According to Business Insider<\/a>, here\u2019s what the list of longest-tenured S&P 500 CEOs and how long they\u2019ve held the job will look like when Wexner is officially out at L Brands, according data from The Conference Board.<\/p>\n

    \n
  1. Warren Buffett,<\/strong>\u00a0Berkshire Hathaway, 50 years.<\/li>\n
  2. Alan B. Miller<\/strong>,\u00a0Universal Health Services, 42 years.<\/li>\n
  3. James Herbert,<\/strong>\u00a0First Republic Bank, 34 years.<\/li>\n
  4. Harold Max Messmer, Jr.,<\/strong>\u00a0Robert Half, 32 years.<\/li>\n
  5. Richard Fain,<\/strong>\u00a0Royal Caribbean Cruises, 31 years.<\/li>\n
  6. Leonard Schleifer<\/strong>,\u00a0Regeneron Pharmaceuticals,\u00a031 years.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    Les Wexner\u00a0has sold control of the troubled Victoria’s Secret.<\/p>\n","protected":false},"author":8,"featured_media":25085,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1338],"tags":[99,1385,3316,3315,1888],"class_list":["post-25084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ceo","tag-ceo-northam","tag-l-brands","tag-les-wexner","tag-victorias-secret"],"_links":{"self":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/25084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/comments?post=25084"}],"version-history":[{"count":2,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/25084\/revisions"}],"predecessor-version":[{"id":25087,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/25084\/revisions\/25087"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media\/25085"}],"wp:attachment":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media?parent=25084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/categories?post=25084"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/tags?post=25084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}