L Brands in Corporate Governance Agreement With Barington Capital -- Update
19 April 2019 - 8:16AM
Dow Jones News
By Josh Beckerman
L Brands Inc. (LB) has reached an agreement about its board and
corporate governance with activist investor Barington Capital.
The parent company of Victoria's Secret and Bath & Body
Works will nominate Anne Sheehan, former head of corporate
governance for the California State Teachers' Retirement System, to
its board, along with former JPMorgan Chase & Co. (JPM)
executive Sarah E. Nash, who is now the chief executive of Novagard
Solutions.
Barington disclosed a stake in March. It urged the company to
consider splitting Bath & Body Works from Victoria's Secret and
called for a more independent and diverse board. The Wall Street
Journal reported in March that L Brands retained a search firm to
find new candidates.
L Brands said Thursday that if the company's slate is elected,
more than 40% of the board will be women. The company also plans
for a proposal in 2020 that would declassify its board, so that all
directors would stand for election in 2021. The company also plans
to eliminate supermajority voting requirements.
Barington will serve as a special adviser to L Brands.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
April 18, 2019 18:01 ET (22:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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