Les Wexner’s replacement will receive a higher base salary in his first year on the job than the Central Ohio titan did in his final year with the company he founded decades ago.
Andrew Meslow, a Bath & Body Works veteran who was named L Brands’ CEO at the company’s annual meeting this month, will receive a $1.275 million base salary, according to as employment agreement filed with the Securities and Exchange Commission.
Meslow also is eligible for a retention bonus worth as much as $6 million – to be paid in installments – if he stays through January 2022. At the same time, a performance-vesting restricting stock grant will allow him to earn as much as 1.5 million shares over a five-year period, depending on how the company meets stock targets and revenue growth measures.
In 2019, Wexner’s base salary was $900,000. His total compensation, tied closely to the company’s stock performance, totaled $3.8 million for the year.