Leslie H. Wexner: Profile of a Retail Pioneer

Leslie H. Wexner had a legendary run, but in the end he just couldn’t keep up with the times. Wexner, after “thoughtful examination” and pressures from the board and shareholders, is stepping down as chairman and chief executive officer of L Brands, which he founded 57 years ago and led through decades of meteoric growth and master brand building — until the last few years, which have been marred by faltering business at Victoria’s Secret and scandals ranging from involvement with a disgraced financier to allegations of sexual harassment at the lingerie brand. To some degree, Wexner’s presence will still be felt. He will continue as chairman emeritus of L Brands and will remain its largest shareholder, controlling 47.7 million shares, or 17.4 percent of the company. “Now is the right time to pass the reins to new leadership,” Wexner wrote Thursday in a reflective and nostalgic farewell letter to his associates. “Over the course of nearly six decades, we’ve built this family business into a public company and have grown it into a global enterprise. Most of you know the story of our modest start — a $5,000 loan from my aunt. I look back with such gratitude for her generosity and faith,

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