Activist Helps Bring Change to L Brands Boardroom

Leslie Wexner is about to have some new faces in the L Brands Inc. boardroom. The Victoria’s Secret parent reached a deal with activist investor Barington Capital Group to bring in two board members and to serve as a “special adviser” to the company. Wexner founded L Brands in 1963 and built the company into a retailing powerhouse, which he still leads as chairman and chief executive officer. But the Victoria’s Secret brand has hit a rough patch with several changes of direction and management exasperating sales declines, while Bath & Body Works, its sister division, goes from strength to strength. Shares of L Brands are down 28.8 percent over the past year and closed at $25.68 Thursday. Last month, Barington, which is led by chairman and ceo James Mitarotonda, starting pushing for changes, potentially even the separation of the businesses. Late on Thursday just before the Good Friday market holiday, L Brands nominated four directors, including incumbent directors Wexner and Patricia Bellinger as well as two fresh faces, Anne Sheehan and Sarah Nash. Sheehan is chair of the Securities and Exchange Commission’s investor advisory committee and Nash spent nearly 30 years at J.P. Morgan Chase, rising to vice chairman of global investment banking. If the

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