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Les & Abigail Wexner stepping down from L Brands board

Les Wexner founded L Brands in 1963.
Credit: AP Photo/Jay LaPrete
Retail mogul Leslie Wexner, left, and his wife Abigail tour the "Transfigurations" exhibit at the Wexner Center for the Arts Friday, Sept. 19, 2014, in Columbus, Ohio.

COLUMBUS, Ohio — L Brands announced Thursday that Les Wexner and his wife Abigail will not seek reelection to the company's board at the May shareholders meeting and are stepping down.

The move to leave the board follows Les Wexner's decision to step down as Chief Executive Officer and Chairman of the Board of L Brands last year.

In a statement, Les Wexner said, "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.”

Replacing the Wexners on the L Brands board will be Francis Hondal, the president of loyalty and engagement at Mastercard and Danielle Lee, who is the Chief Fan Officer for the National Basketball Association.