Wexner Said in Talks to Step Down, Break Up L Brands (3)

Les Wexner, the longest serving chief executive officer on the S&P 500 Index, is in talks to break up Victoria’s Secret owner L Brands Inc. and potentially step down from his role leading the company, according to a person familiar with the matter.

Shares of L Brands surged as much as 15%, the most in eight months, in New York trading. The shares pared some of the gain after the Wall Street Journal reported Wednesday afternoon that L Brands is in talks with private equity firm Sycamore Partners for a stake in the lingerie business.

The stock has fallen ...