L Brands Announces Board of Directors Changes

– APPOINTS FRANCIS A. HONDAL AND DANIELLE LEE TO BOARD OF DIRECTORS –

– LES AND ABIGAIL WEXNER WILL NOT STAND FOR REELECTION TO BOARD IN MAY 2021 –

COLUMBUS, Ohio, March 18, 2021 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE: LB) today 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 its Board of Directors. Additionally, Les and Abigail Wexner will not stand for reelection to the Board at the annual shareholders’ meeting in May 2021. With these changes, in May 2021, the Board will consist of 10 directors, nine of whom are independent and six of whom are women (including the Chair of the Board).

Les Wexner said “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.”

Sarah Nash, Chair of the Board, commented “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.”

“We are thrilled to welcome Francis and Danielle to the L Brands Board,” Nash continued. “Their respective abilities to foster connections with consumers across in-person as well as digital channels will be invaluable as L Brands continues to execute its strategy and deliver engaging shopping experiences. The appointments of these two highly talented individuals reinforce the Board’s commitment to ensuring we have a diverse and qualified board with the right skillsets and backgrounds to drive value for shareholders and effectively guide the company through the planned separation and beyond.”