Victoria’s Secret Settles Sexual Harassment Case Days Before Spin-off – WWD

Victoria’s Secret’s parent company has settled sexual harassment claims simply days earlier than the model is about to spin off from Tub & Physique Works.

On Friday, L Brands revealed a settlement of all stockholder spinoff claims alleging office misconduct on the firm. 

“This international decision, with its dedication to industry-leading governance insurance policies, is an overwhelmingly constructive end result for the corporate and its stockholders,” mentioned board chairperson Sarah Nash, who led the particular committee of the board to research stockholder allegations and assist negotiate the deal. “It additional prepares each Tub & Physique Works and Victoria’s Secret for achievement as impartial public firms with sturdy administration groups and boards of administrators dedicated to rules of range, fairness and inclusion. 

“These measures, which proceed the governance and administration reforms the board has been implementing over the previous yr, will profit L Brands’ stockholders and mirror L Manufacturers’ ongoing dedication to fostering a protected, equitable and inclusive office,” she continued. 

Per the settlement phrases, Victoria’s Secret and Tub & Physique Works will keep a Variety, Fairness and Inclusion council inside the firm, strengthen insurance policies and procedures for reporting and investigating sexual harassment complaints and rent a DEI guide. Each firms have pledged to take a position $45 million over the following 5 years to fund these measures. 

L Manufacturers and Tub & Physique Works chief govt officer Andrew Meslow added in a press release: “As L Manufacturers prepares to separate into two impartial public firms, we’re proud to implement these governance insurance policies to make sure a office the place all staff really feel protected and supported and that their voices are heard.” 

The settlement shall be filed in a Southern District of Ohio court docket and is topic to court docket approval. 

In the meantime, Monday’s planned spin-off separating Victoria’s Secret’s lingerie, beauty and Pink businesses from Tub & Physique Works into its personal public firm is shifting forward full steam.  

The transfer places Victoria’s Secret on the New York Inventory Trade as a stand-alone agency, beneath the inventory ticker “VSCO.” As well as, L Manufacturers Inc. will quickly develop into Tub & Physique Works Inc., with the inventory ticker going from “LB” to “BBWI.”

https://wwd.com/business-news/authorized/victorias-secret-settles-sexual-harassment-claims-days-before-spin-off-1234891136/ | Victoria’s Secret Settles Sexual Harassment Case Days Earlier than Spin-off – WWD

Huynh Nguyen

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