L Brands Inc. /zigman2/quotes/202062875/composite LB +0.38% said Thursday that Les and Abigail Wexner will not stand for re-election to the company's board at the annual shareholders meeting in May. Les Wexner, who also served as chief executive of the Victoria's Secret brand for decades, became embroiled in controversy due to his association with his former money manager, Jeffrey Epstein. Francis Hondal, president of loyalty and engagement at Mastercard Inc. /zigman2/quotes/207581792/composite MA +1.72% , and Danielle Lee, chief fan officer for the National Basketball Association, have been appointed two new independent directors. The board will now total 10 directors; nine are independent and six are women, including Chair Sarah Nash. Besides Victoria's Secret, L Brands is also the parent to Bath & Body Works. "I am more confident than ever that we have very positive momentum as we approach the planned separation into two businesses. Now is an ideal time for Abigail's and my transition from the board," Les Wexner said in a statement. L Brands shares rose 3% in premarket trading after the news. L Brands stock is up 58.2% over the last three months and has soared 524.3% over the last year. The benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.82% is up 65.7% over the past 12 months.