L Brands Appoints Chief Financial Officers for Bath & Body Works and Victoria’s Secret Standalone Businesses

L Brands, Inc. (NYSE: LB) today announced the appointment of Chief Financial Officers for the standalone Bath & Body Works and Victoria’s Secret businesses. Upon the completion of the spin-off of Victoria’s Secret, which is targeted to occur in August 2021, Wendy Arlin, currently SVP of Finance and Controller for L Brands, will become Bath & Body Works CFO, and Tim Johnson, previously CFO and Chief Administrative Officer for Big Lots, will become Victoria’s Secret CFO. As previously announced, current L Brands CFO Stuart Burgdoerfer will retire at that time.

Sarah Nash, chair of L Brands board, said, “We are pleased to announce the appointment of two proven and talented individuals with strong public company expertise to the CFO roles of each standalone business. Wendy is an exceptional and skillful leader who knows our business well and has made significant contributions to the company, having worked closely with the board, Stuart and other senior leaders during her 16 years at L Brands. Tim is an experienced public company CFO with extensive knowledge of the retail industry in addition to having previously spent over eight years with L Brands early in his career. We are confident that Wendy and Tim are the right leaders to help each business deliver profitable growth and enhanced value to our stakeholders.”

The previously announced plan to separate Bath & Body Works and Victoria’s Secret into standalone publicly-listed companies remains on track to be completed in August 2021, subject to certain customary conditions, including final approval of the L Brands Board and effectiveness of a Form 10 registration statement filed with the U.S. Securities and Exchange Commission.

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