Les Wexner
Encyclopedia
Leslie "Les" H. Wexner is an American
businessman from Columbus, Ohio
, and currently chairman and CEO of the Limited Brands
corporation.
. He attended The Ohio State University, majoring in business administration. He became a member of Sigma Alpha Mu fraternity
. 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 3, 2007),
Express (separation from Limited Brands by sale of 75% to Golden Gate Capital, made official as of July 6, 2007). Allegations have been made that Wexner's The Limited Inc. has used slave labor both in the United States and abroad. These charges have been made particularly against Victoria's Secret which is part of The Limited Inc. and owned by Leslie Wexner.
.
Wexner was recently recognized as the wealthiest man in the state of Ohio. He is well known for his philanthropy
, often to Jewish and Catholic 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
whose goal is to strengthen the field of Jewish leadership. The foundation runs three major programs: the Heritage Program for North American Jewish volunteers; the Graduate Fellowship for students pursuing a master's degree in the rabbinate, cantorate, or Jewish studies; and an Israel Fellowship which funds Israeli public officials for a master's degree in Public Administration from Harvard University's John F. Kennedy School of Government
.
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 Ohio State University
, and was elected chairman of the Board in 2009. Wexner previously served on the Board from 1988 to 1997.
On May 11, 2004 Wexner received the Woodrow Wilson Award for Corporate Citizenship at a dinner in Columbus, Ohio
. The award was presented by the Woodrow Wilson International Center for Scholars
of the Smithsonian Institution
in Washington, DC. Wexner was honored because of his commitment to the public good.
On February 16, 2011 Wexner donated $100 million to Ohio State, which will be allocated to the University's academic Medical Center and James Cancer Hospital and Solove Research Institute, with additional gifts to the Wexner Center for the Arts and other areas. This latest gift is the largest in the University's history.
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Wexner graduated from The Ohio State University with a bachelor's degree
in 1959.
On 23 January 1993 Wexner, then 55 years of age, married Abigail S. Koppel, 31, a lawyer. They have four children: Harry, Hannah, David, and Sarah.
Formerly of Marbella, Wexner now lives in a 30 room, $47 million, Georgian
inspired estate (40°4′1.3332"N 82°48′9.2520"W), on nearly 336 acres (4 km²) in Ohio
built in 1990. The guest quarters of the property take the form of a spectacularly appointed separate structure decorated by the international designer John Stefanidis. The guest house was featured in the July 2004 issue of Architectural Digest. 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, 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. The Limitless held the title of largest yacht for six years, but is now over 200 feet shorter than the world's longest yacht.
He has a net worth of $3.2 billion as of 2011, according to Forbes
.
Wexner had a close relationship with Jeffrey Epstein
who managed Wexner's money. Wexner and Epstein parted when Epstein went to prison for felony solicitation of prostitution and procuring a person under the age of 18 for prostitution.
President George W. Bush
appointed Wexner to serve on the Honorary Delegation to accompany him to Jerusalem for the celebration of the 60th anniversary of the State of Israel in May 2008.
Les Wexner also was heavily involved in supporting the war against Iraq in 2003.
Mr. Wexner was recently inducted, as an honorary member, into the 104th Class of SPHINX Senior Class Honorary at The Ohio State University.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman from Columbus, Ohio
Columbus, Ohio
Columbus is the capital of and the largest city in the U.S. state of Ohio. The broader metropolitan area encompasses several counties and is the third largest in Ohio behind those of Cleveland and Cincinnati. Columbus is the third largest city in the American Midwest, and the fifteenth largest city...
, and currently chairman and CEO of the Limited Brands
Limited Brands
Limited Brands is an American apparel company based in Columbus, Ohio. In 2009 it reported 9.04 billion dollars in revenue for the last fiscal year.-History:...
corporation.
Professional
Wexner was born to Russian Jewish immigrants in Dayton, OhioDayton, Ohio
Dayton is the 6th largest city in the U.S. state of Ohio and the county seat of Montgomery County, the fifth most populous county in the state. The population was 141,527 at the 2010 census. The Dayton Metropolitan Statistical Area had a population of 841,502 in the 2010 census...
. He attended The Ohio State University, majoring in business administration. He became a member of Sigma Alpha Mu fraternity
Sigma Alpha Mu
Sigma Alpha Mu , also known as "Sammy", is a college fraternity founded at the City College of New York in 1909. Originally only for Jewish men, Sigma Alpha Mu remained so until 1953, when members from all backgrounds were accepted. Originally headquartered in New York, Sigma Alpha Mu has...
. 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
Victoria's Secret
Victoria's Secret is an American retailer of women's wear, lingerie and beauty products. It is the largest segment of publicly-traded Limited Brands with sales of over US$5 billion and an operating income of $1 billion in 2006...
,
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
Abercrombie & Fitch
Abercrombie & Fitch is an American retailer that focuses on casual wear for consumers aged 18 to 22. It has over 300 locations in the United States, and is expanding internationally....
,
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 3, 2007),
Express (separation from Limited Brands by sale of 75% to Golden Gate Capital, made official as of July 6, 2007). Allegations have been made that Wexner's The Limited Inc. has used slave labor both in the United States and abroad. These charges have been made particularly against Victoria's Secret which is part of The Limited Inc. and owned by Leslie Wexner.
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, VirginiaAlexandria, Virginia
Alexandria is an independent city in the Commonwealth of Virginia. As of 2009, the city had a total population of 139,966. Located along the Western bank of the Potomac River, Alexandria is approximately six miles south of downtown Washington, D.C.Like the rest of northern Virginia, as well as...
.
Wexner was recently recognized as the wealthiest man in the state of Ohio. He is well known for his philanthropy
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
, often to Jewish and Catholic 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
Wexner Center for the Arts
The Wexner Center for the Arts is The Ohio State University’s multidisciplinary, international laboratory for the exploration and advancement of contemporary art...
at The Ohio State University
Ohio State University
The Ohio State University, commonly referred to as Ohio State, is a public research university located in Columbus, Ohio. It was originally founded in 1870 as a land-grant university and is currently the third largest university campus in the United States...
, the name of which is actually intended to honor his father.
In 1984 he established the Wexner Foundation
Wexner Foundation
The Wexner Foundation is a charitable organization designed to enhance Jewish leadership founded by Leslie Wexner, CEO of Limited Brands and his wife, Abigail Wexner in Columbus, Ohio...
whose goal is to strengthen the field of Jewish leadership. The foundation runs three major programs: the Heritage Program for North American Jewish volunteers; the Graduate Fellowship for students pursuing a master's degree in the rabbinate, cantorate, or Jewish studies; and an Israel Fellowship which funds Israeli public officials for a master's degree in Public Administration from Harvard University's John F. Kennedy School of Government
John F. Kennedy School of Government
The John F. Kennedy School of Government at Harvard University is a public policy and public administration school, and one of Harvard's graduate and professional schools...
.
In 1999, Wexner paid $42.1 million for the Picasso Nude on a Black Armchair
Nude on a black armchair
Nude in a Black Armchair is a portrait painted by Pablo Picasso on March 9, 1932 of his mistress Marie-Thérèse Walter.In 1999 it was bought by Les Wexner, founder of Limited Brands, for 45.1 million USD...
, 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 Ohio State University
Ohio State University
The Ohio State University, commonly referred to as Ohio State, is a public research university located in Columbus, Ohio. It was originally founded in 1870 as a land-grant university and is currently the third largest university campus in the United States...
, and was elected chairman of the Board in 2009. Wexner previously served on the Board from 1988 to 1997.
On May 11, 2004 Wexner received the Woodrow Wilson Award for Corporate Citizenship at a dinner in Columbus, Ohio
Columbus, Ohio
Columbus is the capital of and the largest city in the U.S. state of Ohio. The broader metropolitan area encompasses several counties and is the third largest in Ohio behind those of Cleveland and Cincinnati. Columbus is the third largest city in the American Midwest, and the fifteenth largest city...
. The award was presented by the Woodrow Wilson International Center for Scholars
Woodrow Wilson International Center for Scholars
The Woodrow Wilson International Center for Scholars , located in Washington, D.C., is a United States Presidential Memorial that was established as part of the Smithsonian Institution by an act of Congress in 1968...
of the Smithsonian Institution
Smithsonian Institution
The Smithsonian Institution is an educational and research institute and associated museum complex, administered and funded by the government of the United States and by funds from its endowment, contributions, and profits from its retail operations, concessions, licensing activities, and magazines...
in Washington, DC. Wexner was honored because of his commitment to the public good.
On February 16, 2011 Wexner donated $100 million to Ohio State, which will be allocated to the University's academic Medical Center and James Cancer Hospital and Solove Research Institute, with additional gifts to the Wexner Center for the Arts and other areas. This latest gift is the largest in the University's history.
Personal
Bachelor's degree
A bachelor's degree is usually an academic degree awarded for an undergraduate course or major that generally lasts for three or four years, but can range anywhere from two to six years depending on the region of the world...
in 1959.
On 23 January 1993 Wexner, then 55 years of age, married Abigail S. Koppel, 31, a lawyer. They have four children: Harry, Hannah, David, and Sarah.
Formerly of Marbella, Wexner now lives in a 30 room, $47 million, Georgian
Georgian architecture
Georgian architecture is the name given in most English-speaking countries to the set of architectural styles current between 1720 and 1840. It is eponymous for the first four British monarchs of the House of Hanover—George I of Great Britain, George II of Great Britain, George III of the United...
inspired estate (40°4′1.3332"N 82°48′9.2520"W), on nearly 336 acres (4 km²) in Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
built in 1990. The guest quarters of the property take the form of a spectacularly appointed separate structure decorated by the international designer John Stefanidis. The guest house was featured in the July 2004 issue of Architectural Digest. 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
Easton Town Center
Easton Town Center is a large mixed-use town center in Columbus, Ohio, United States. It is designed to look like a classic American main street, with public spaces, fountains, a street grid, and metered storefront parking....
, which Wexner and partners, including Arnold Schwarzenegger, 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. The Limitless held the title of largest yacht for six years, but is now over 200 feet shorter than the world's longest yacht.
He has a net worth of $3.2 billion as of 2011, according to Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
.
Wexner had a close relationship with Jeffrey Epstein
Jeffrey Epstein
Jeffrey Edward Epstein is an American financier. He served 13 months in jail of an 18-month sentence as a convicted sex offender in the state of Florida for soliciting an underage girl for prostitution...
who managed Wexner's money. Wexner and Epstein parted when Epstein went to prison for felony solicitation of prostitution and procuring a person under the age of 18 for prostitution.
President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
appointed Wexner to serve on the Honorary Delegation to accompany him to Jerusalem for the celebration of the 60th anniversary of the State of Israel in May 2008.
Les Wexner also was heavily involved in supporting the war against Iraq in 2003.
Mr. Wexner was recently inducted, as an honorary member, into the 104th Class of SPHINX Senior Class Honorary at The Ohio State University.