United States

Victoria’s Secret’s biggest problem may be L Brands leadership

L Brands, the owner behind the struggling Victoria’s Secret brand, needs to do more than reshuffle a few board seats to convince investors it’s ready for a comeback, critics say. L Brands said late Thursday that it will add two new “independent” directors to the company’s board following criticisms that the previous 12-person board had been largely comprised of cronies of founder Les Wexner. But the stock barely moved on the news in late trading — and critics continue to say the biggest problem is Wexner himself. L Brands needs “the type of CEO that understands retail today and the possibility of retail,” Eleanor Bloxham, corporate-governance adviser with Value Alliance, told The Post. “The culture won’t change un ...