Les Wexner

From Wikipedia, the free encyclopedia

It has been suggested that Wexner Foundation be merged into this article or section. (Discuss)

Leslie "Les" H. Wexner (born September 8, 1937 in Dayton, Ohio) is an American businessman from Columbus, Ohio, and currently chairman and CEO of the Limited Brands corporation.

1 Professional
2 Philanthropy
3 Personal
4 See also
5 References
6 External links

[edit] Professional

Wexner was born to Russian Jewish immigrants in Dayton, Ohio. He attended Ohio State University, majoring in business administration. He briefly attended law school, but left to help his parents run their store in a suburban Columbus, Ohio shopping center. In 1963, Les Wexner borrowed $5,000 from his aunt to start 'The Limited' (so named because the store focused on clothing for younger women, unlike his parents' general merchandise store). The Limited opened its first store in the Kingsdale Shopping Center in Upper Arlington. Wexner's parents closed their store one year later in 1964, and joined their son at 'The Limited'. Wexner took Limited Brands public in 1969, listed as LTD on the NYSE. Over the years he built a large retailing and marketing conglomerate, which currently includes: Victoria's Secret, Pink (Victoria's Secret), Bath & Body Works, Henri Bendel, C. O. Bigelow, The White Barn Candle Company, and La Senza. Previous brands that have spun off include: Lane Bryant, Abercrombie & Fitch, Lerner New York, The Limited Too (now Tween Brands, Inc.), Structure 9, Aura Science, The Limited (separation from Limited Brands by sale of 75% to Sun Capital Investments, made official as of August 3rd, 2007), Express (separation from Limited Brands by sale of 75% to Golden Gate Capital, made official as of July 6th, 2007)

When substandard labor practices were described at a factory in Jordan working for Victoria's Secret, one writer for the Huffington Post called for protest letters to be written to Wexner.^[1]

[edit] Philanthropy

In 1989, Wexner and his mother Bella were the first to make a $1 million personal donation to the United Way. Both their names were inscribed in marble and are on display in the lobby of the United Way headquarters in Alexandria, Va.

Wexner was recently recognized as the wealthiest man in the state of Ohio. He is well known for his philanthropy, often to Jewish projects. He serves as Honorary Vice Chairman of the Board of Congregation Agudas Achim in Bexley. He was a major funder of the Wexner Center for the Arts at The Ohio State University, the name of which is actually intended to honor his father. In 1984 he established the Wexner Foundation. It has both a Graduate Fellowship and an Israel Fellowship Program.

In 1999, Wexner paid $42.1 million for the Picasso Nude on a Black Armchair, and donated it to the Wexner Center for the Arts. Wexner is reported to own other Picasso paintings, and is considered to have one of the 50 largest art collections in the world.

In December 2005, Wexner was appointed to his second term on the Board of Trustees of The Ohio State University.

[edit] Personal

The Limitless (Palma de Mallorca, 2006)

Wexner graduated from the Ohio State University with a bachelor's degree in 1959. In 1993 he married his wife, Abigail Wexner (formerly Abigail S. Koppel). Together, they have four children.

Formerly of Bexley, Ohio, Wexner now lives in a $47 million, Georgian inspired estate ( 40°4′1.3332″N, 82°48′9.2520″W), on nearly 336 acres (4 km²) in New Albany built in 1990. New Albany is an old village outside of Columbus dating from the pioneer era, which he developed with the "New Albany Company" into a growing upper class community. The estate is the location of the Annual New Albany Classic Invitational Grand Prix & Family Day benefiting the Columbus Coalition Against Family Violence, of which Abigail Wexner is Founder and Board Chair. The Classic consistently draws the top professional show jumping riders because of its well maintained and elaborate jumping course.

Also nearby is the major shopping village of Easton Town Center, which Wexner and partners (including Arnold Schwarzenegger and Steiner + Associates) also developed. As a pun on his name and his former residence in Bexley, the village of New Albany was known (unofficially) for some time as Wexley. Today, this Georgian-themed village inspires comparison to 18th century developments by wealthy aristocrats in England.

At the time of its construction in 1997, Wexner's Limitless was the largest American-owned private yacht at 315 feet and 7 inches long. Few images exist, as Wexner will not permit any interior photography, nor does he release official exterior photos to the media. Nearly 140 feet shorter than Larry Ellison's "Rising Sun" yacht (now the fourth largest Yacht), the Limitless held the title of largest yacht for six years.

Wexner has a close relationship with Jeffrey Epstein who manages Wexner's money. He also has formed close relationships with Alain Wertheimer, and his granddaughter Anastasia Wertheimer, the heiress to the Chanel fortune.^[2]