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Leslie Wexner, the billionaire founder of L Brands, the parent company of Victoria’s Secret, is in talks to step down as CEO, according to the Wall Street Journal. He is currently exploring strategic alternatives for the Victoria’s Secret brand, the WSJ said, citing people close to the matter.
L Brands shares jumped more than 11% in premarket trading Wednesday on the report.
The company is aiming to reach a decision on the potential sale and decide succession plans in coming weeks, the report said.
The billionaire has come under fire for his relationship with disgraced late financier Jeffrey Epstein, who oversaw Wexner’s personal investments and was indicted on federal sex-trafficking charges last summer. Epstein later committed suicide in a New York prison while awaiting trial.