COLUMBUS (WCMH) — It was announced Thursday that Les and Abigail Wexner will not stand for reelection to the L Brands Board of Directors.  

According to a release by the company, the annual L Brands shareholder meeting will take place in May, where the Wexners won’t seek reelection.  

“Serving with Les has been an inspiration for all of us at L Brands. His thoughtful approach to developing brands and building dedicated and talented teams have enabled L Brands to evolve and succeed as a leading specialty retailer for nearly 60 years. I am so appreciative of everything that Les and Abigail have done to serve this board and L Brands’ stakeholders. With the strong foundation we have in place, we are so excited to move forward with the company’s next chapter and our plans to create two businesses in the future,” Chair of the Board, Sarah Nash stated in the release.  

“L Brands is at a terrific place in its history. The Board is incredibly well-led by Sarah and we have two new wonderful directors joining us. We have some of the strongest brand leaders in our history and the businesses are well positioned going into the future. I am more confident than ever that we have very positive momentum as we approach the planned separation into two businesses. Now is an ideal time for Abigail’s and my transition from the Board. When I retired from the business last year, I said that creating this business and working with so many talented associates, literally millions of them, was a source of great pride. I am deeply honored to have been a part of the lives of so many associates and customers since I first opened the doors in 1963,” said Lex Wexner.  

It was also announced that Francis Hondal, president of loyalty and engagement at Mastercard, and Danielle Lee, Chief Fan Officer for the National Basketball Association, have been appointed as two new independent members of the L Brands Board of Directors.