1. Social Ties Bind CEO, Directors at Victoria's Secret Parent

    Social Ties Bind CEO, Directors at Victoria's Secret Parent

    For decades, Leslie Wexner has run Victoria's Secret and his retail empire with a close-knit group of directors. But amid scrutiny of the board's ties to the 81-year-old billionaire, the company is preparing to bring in some fresh blood. L Brands Inc. has retained a search firm to look for three new board candidates, according to people familiar with the matter...

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    1. It is unclear that the board as currently comprised has the independence to effectively oversee you as chief executive officer.
    2. It's an old-style board with the kinds of interrelationships you saw many years ago, particularly in certain localities.
    3. When more than a third of directors have served for more than nine years, that's when we start to have a little bit of concern.
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