Former Nationwide Exec Expected To Chair Board Of Standalone Victoria’s Secret

Former Nationwide Exec Expected To Chair Board Of Standalone Victoria’s Secret

June 17, 2021 at 03:32PM

Donna James is expected to chair the board of directors of a standalone Victoria’s Secret, which is slated to be spun off from L Brands and become its own publicly traded company, according to an announcement. Six of the seven announced directors are women.

James serves as the managing director of Lardon & Associates LLC, which she formed in 2006 after her retirement from Nationwide Financial Services and Nationwide Mutual Insurance Company.

“I am confident that this group of directors brings the right combination of experience and expertise to help steer the continued transformation and growth of this iconic brand. Together, we will continue to oversee management’s execution of Victoria’s Secret’s strategy to capitalize on the numerous opportunities ahead and create value for shareholders,” James said in the announcement.

Victoria’s Secret CEO Martin Waters is also expected to be on the board, which is anticipated to have members that have experience in leadership positions in retail and government.

“We are thrilled with the group of diverse and seasoned executives who will comprise the new Victoria’s Secret Board. These individuals collectively bring immense leadership and industry experience as well as financial and governance expertise, which will be instrumental as the Victoria’s Secret team continues to realize the brand’s full potential,” Sarah E. Nash, chair of L Brands’ board, said in the announcement.

The news comes as the board of directors of L Brands unanimously gave the green light to a plan to divide the company up into two public and independent companies: Bath & Body Works and Victoria’s Secret.

L Brands’ board had examined a possible spin-off or sale of Victoria’s Secret with input from its financial advisers. The firm said it received interest from and held discussions with various potential acquirers during the review process. But the board ultimately determined that a spin-off of the brand into a separate, public company would provide more value to investors than a sale.