L Brands (LB) - Get Report named a majority-women’s board for Victoria’s Secret and said that a spinoff of the division to holders remains on track to close in August.
TheStreet.com Founder Jim Cramer discussed the pros and cons of the spinoff, after it was announced in May.
L Brands, Columbus, Ohio, recently traded at $63.20, down 4.5%. The shares have soared 64% over the past six months amid enthusiasm over the breakup.
The Victoria’s Secret Board consists of seven directors, six of whom are independent and six of whom are women.
The directors are:
· Donna James, managing director of business advisory firm Lardon & Associates, who was tapped chairwoman;
· Irene Chang Britt, former president of Pepperidge Farm;
· Sarah Davis, former president of Loblaw Cos., a Canadian food retailer;
· Anne Sheehan, former chair of the Securities and Exchange Commission’s Investor Advisory Committee; and,
· Martin Waters, chief executive of Victoria’s Secret.
On Wednesday, Victoria’s Secret announced partnerships with celebrity women:
· Adut Akech, a model;
· Amanda de Cadenet, founder of GirlGaze Network, a women’s/nonbinary social and jobs network;
· Eileen Gu, a star free skier;
· Megan Rapinoe, a star soccer player;
· Paloma Elsesser, a model;
· Priyanka Chopra Jonas, an actor; and,
· Valentina Sampaio, an actor/model.